The following is a cross-post from the Bureau of Economic Analysis (BEA)
Finance and insurance; retail trade; and health care and social assistance were the leading contributors to the increase in U.S. economic growth in the first quarter of 2019. According to gross domestic product (GDP) by industry statistics released by the Bureau of Economic Analysis, 16 of 22 industry groups contributed to the overall 3.1 percent increase in real GDP in the first quarter.
- For the finance and insurance industry group, real value added—a measure of an industry’s contribution to GDP—increased 9.5 percent in the first quarter, after decreasing 6.2 percent in the fourth quarter. The first quarter growth primarily reflected an increase in insurance carriers and related activities.
- Retail trade increased 11.9 percent in the first quarter, after decreasing 2.5 percent in the fourth. This primarily reflected an increase in other retail, which includes gasoline stations and pharmacies and drug stores.
- Health care and social assistance increased 6.2 percent, after increasing 2.4 percent. This was the largest increase since the fourth quarter of 2008.
For other highlights and more information on today's GDP by industry sector, go to https://www.bea.gov/news/2019/gross-domestic-product-industry-first-quarter-2019