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FINANCIAL SERVICES INDUSTRY |
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FINANCIAL SERVICES CONTRIBUTION TO GROSS DOMESTIC PRODUCT
Gross domestic product (GDP) is the total value of all final goods and services produced in the economy. The GDP growth rate is the primary indicator of the state of the economy.
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GROSS DOMESTIC PRODUCT OF FINANCIAL SERVICES, SHARES BY COMPONENT, INCLUDING REAL ESTATE, 2006
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
| - When real estate transactions (e.g., leasing, renting, management and sales services) are included, financial services accounted for 21.0 percent of the GDP in 2006, compared with 20.6 percent in 2005.
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GROSS DOMESTIC PRODUCT OF FINANCIAL SERVICES, SHARES BY COMPONENT, EXCLUDING REAL ESTATE, 2006
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
| - With real estate excluded, the remaining financial services industries accounted for 8.3 percent of the GDP in 2006, compared with 8.0 percent in 2005.
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GROSS DOMESTIC PRODUCT OF THE FINANCIAL SERVICES INDUSTRY, 2002-2006 (1)
($ billions)
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2002 |
2003 |
2004 |
2005 |
2006 |
| Total GDP | $10,398.4 | $10,886.2 | $11,607.0 | $12,346.9 | $13,119.9 |
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| Total financial services industry | 2,141.9 | 2,244.6 | 2,378.8 | 2,549.0 | 2,756.6 |
| Industry percent of total GDP | 20.6% | 20.6% | 20.5% | 20.6% | 21.0% |
| Finance and insurance | $822.7 | $864.6 | $907.9 | $982.5 | $1,093.7 |
| Insurance carriers and related activities | 237.4 | 255.0 | 267.7 | 264.5 | 280.9 |
| Federal Reserve banks, credit intermediation and related activities | 417.4 | 445.0 | 457.8 | 506.1 | 569.7 |
| Securities, commodity contracts and investments | 148.4 | 145.9 | 158.3 | 183.8 | 217.8 |
| Funds, trusts and other financial vehicles | 19.5 | 18.7 | 24.1 | 28.1 | 25.4 |
| Total real estate and rental and leasing | 1,319.2 | 1,380.0 | 1,470.9 | 1,566.5 | 1,662.8 |
| (1) Includes real estate and rental and leasing.
Source: U.S. Department of Commerce, Bureau of Economic Analysis. |
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FINANCIAL SERVICES SECTOR’S SHARE OF GROSS DOMESTIC PRODUCT, 2002-2006 (1)
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FINANCIAL SERVICES VS. TOTAL U.S. GROSS DOMESTIC PRODUCT GROWTH, 2002-2006
($ billions)
Year |
Total U.S. gross domestic product |
Percent change from prior year |
Finance, insurance, real estate and rental and leasing |
Percent change from prior year |
Finance and insurance |
Percent change from prior year |
| 2002 | $10,398.4 | 3.4% | $2,141.9 | 4.0% | $822.7 | 5.1% |
| 2003 | 10,886.2 | 4.7 | 2,244.6 | 4.8 | 864.6 | 5.1 |
| 2004 | 11,607.0 | 6.6 | 2,378.8 | 6.0 | 907.9 | 5.0 |
| 2005 | 12,346.9 | 6.4 | 2,549.0 | 7.2 | 982.5 | 8.2 |
| 2006 | 13,119.9 | 6.3 | 2,756.6 | 8.1 | 1,093.7 | 11.3 |
| Source: U.S. Department of Commerce, Bureau of Economic Analysis. |
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FINANCIAL SERVICES PERCENTAGE SHARE OF GROSS STATE PRODUCT, 2007 (1)
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