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.

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

1. The largest industry sector is real estateat 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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