20 Private Industry Sectors<\/strong><\/span><\/h1>\n

The gross domestic product comprises 20 private industry sectors and two government groups. All together 22 distinct sectors contribute to the gross domestic product<\/strong><\/span><\/a> (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.<\/span><\/p>\n

Here is a basic table taken from a news release dated February 21, 2019 from the Bureau of Economic Analysis, Department of Commerce<\/span><\/strong><\/a>. See pages 9 and 10.<\/span><\/p>\n

Take note of a couple interesting items from the above table.<\/span><\/p>\n

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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.<\/span><\/li>\n
2. The third largest industry is finance and insurance. Again, this ties to the traditional family unit related to financing of housing and transportation.<\/span><\/li>\n
3. The fourth biggest contributor to the private side of the GDP formula is health care at 7.4%.<\/span><\/li>\n<\/ol>\n

   The governmental side of the equation contributes 12.2 percent of the total economy. ACT ON KNOWLEDGE.<\/strong><\/span><\/p>\n