20 Private Industry Sectors

The gross domestic product comprises 20 private industry sectors and two government groups. All together 22 distinct sectors contribute to the gross domestic product (GDP). The governmental sectors consist of the federal and state/local governments. This article will identify the 20 private industry sectors and their corresponding annual production in dollars and percentage of the total GDP.

Here is a basic table taken from a news release dated February 21, 2019 from the Bureau of Economic Analysis, Department of Commerce. See pages 9 and 10.

GDP Private Industry Sector Contribution

Table identifies the respective industry and its annual financial contribution and corresponding perecentage of the total Gross Domestic Product.
Industry SectorAnnual Billions of DollarsPercentage of GDP
Agriculture, Forestry, Fishing, and Hunting$157.6.8
Durable Goods (Manufacturing)1,311.36.3
Nondurable Goods (Manufacturing)1,041.85.0
Wholesale Trade1,243.16.0
Retail Trade1,141.95.5
Transportation and Warehousing650.63.1
Finance and Insurance1,539.67.5
Real Estate, Rental and Leasing2,745.913.3
Professional, Scientific, and Technical Services1,561.47.6
Management of Companies and Enterprises387.91.9
Administrative and Waste Management Services646.13.1
Educational Services256.21.2
Health Care and Social Assistance1,534.97.4
Arts, Entertainment, and Recreation226.61.1
Accomodation and Food Services619.83.0
Other Services436.52.1
$18.1 Trillion
87.8% (Rounding Up)

Take note of a couple interesting items from the above table.

  1. The largest industry sector is real estate at 13.3%. This makes sense as the customary number one cost for the typical family unit is housing.
  2. The third largest industry is finance and insurance. Again, this ties to the traditional family unit related to financing of housing and transportation.
  3. The fourth biggest contributor to the private side of the GDP formula is health care at 7.4%.

The governmental side of the equation contributes 12.2 percent of the total economy. ACT ON KNOWLEDGE.

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