The U.S. Bureau of Economic Analysis has reported a 2.1% annualized growth rate in real gross domestic product (GDP) for the second quarter of 2023. This growth is attributed to the performance of various industries, with notable contributions from private goods-producing, private services-producing, and government sectors.
In the private goods-producing industries, there was a significant increase of 7.7% in value added. This growth was primarily led by the mining sector, durable goods manufacturing, and nondurable goods manufacturing.
Private services-producing industries saw a more modest increase of 1.0% in value added. The notable contributors to this growth were utilities and professional, scientific, and technical services. However, there were declines in industries such as wholesale trade and accommodation and food services.
The government sector also experienced a 1.0% increase in value added. This was driven by a rise in federal government activities, partially offset by a decrease in state and local government activities.
The real gross output, a measure of an industry's sales or receipts, increased by 1.4% in the second quarter. Private goods-producing industries contributed significantly to this increase with a growth of 3.5%, followed by a 1.8% increase in the government sector, and a 0.6% increase in private services-producing industries.
