Gross Domestic Product

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.

GROSS DOMESTIC PRODUCT OF FINANCIAL SERVICES, SHARES BY COMPONENT, INCLUDING REAL ESTATE, 2010

Source: U.S. Department of Commerce, Bureau of Economic Analysis.

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  • When real estate transactions (e.g., leasing, renting, management and sales services) are included, financial services accounted for 20.7 percent of the GDP in 2010, compared with 21.3 percent in 2009.

GROSS DOMESTIC PRODUCT OF FINANCIAL SERVICES, SHARES BY COMPONENT, EXCLUDING REAL ESTATE, 2010

Source: U.S. Department of Commerce, Bureau of Economic Analysis.

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  • With real estate excluded, the remaining financial services industries accounted for 8.5 percent of the GDP in 2010, compared with 7.9 percent in 2009.

 

GROSS DOMESTIC PRODUCT OF THE FINANCIAL SERVICES INDUSTRY, 2006-2010 (1)

($ billions)

  2006 2007 2008 2009 2010
Total GDP $13,377.2 $14,028.7 $14,291.5 $13,939.0 $14,526.5
           
Total financial services industry $2,765.3 $2,857.0 $2,916.6 $2,964.5 $3,007.2
          Industry percent of total GDP 20.7% 20.4% 20.4% 21.3% 20.7%
Finance and insurance $1,092.7 $1,080.0 $1,041.5 $1,099.0 $1,241.9
          Federal Reserve banks,
          credit intermediation and
          related activities
478.7 470.6 497.8 525.2 587.8
          Insurance carriers
          and related activities
363.6 388.8 345.6 369.9 404.6
          Securities, commodity
          contracts and investments
214.5 184.7 145.1 169.7 201.4
          Funds, trusts and other financial vehicles 35.8 35.9 52.9 34.2 48.1
Real estate and rental and leasing $1,672.6 $1,777.0 $1,875.2 $1,865.6 $1,765.2
          Real estate 1,488.8 1,590.1 1,671.5 1,679.2 1,563.9
          Rental and leasing services
          and lessors of intangible assets
183.8 186.9 203.7 186.3 201.3

(1) Includes real estate and rental and leasing.

Source: U.S. Department of Commerce, Bureau of Economic Analysis.

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FINANCIAL SERVICES SECTORS' SHARE OF GROSS DOMESTIC PRODUCT, 2006-2010 (1)

   Percent of total gross domestic product        
  2006 2007 2008 2009 2010
Total financial services industry 20.7% 20.4% 20.4% 21.3% 20.7%
     Finance and insurance 8.2 7.7 7.3 7.9 8.5
          Federal Reserve banks, credit intermediation
          and related activities
3.6 3.4 3.5 3.8 4.0
          Insurance carriers and related activities 2.7 2.8 2.4 2.7 2.8
          Securities, commodity contracts and investments 1.6 1.3 1.0 1.2 1.4
          Funds, trusts and other financial vehicles 0.3 0.3 0.4 0.2 0.3
    Real estate and rental and leasing 12.5 12.7 13.1 13.4 12.2

(1) Includes real estate and rental and leasing.

Source: U.S. Department of Commerce, Bureau of Economic Analysis.

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FINANCIAL SERVICES VS. TOTAL U.S. GROSS DOMESTIC PRODUCT GROWTH, 2006-2010

($ 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
2006 $13,377.2 6.0% $2,765.3 6.4% $1,092.7 7.2%
2007 14,028.7 4.9 2,857.0 3.3 1,080.0 -1.2
2008 14,291.5 1.9 2,916.6 2.1 1,041.5 -3.6
2009 13,939.0 -2.5 2,964.5 1.6 1,099.0 5.5
2010 14,526.5 4.2 3,007.2 1.4 1,241.9 13.0

Source: U.S. Department of Commerce, Bureau of Economic Analysis.

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FINANCIAL SERVICES PERCENTAGE SHARE OF GROSS STATE PRODUCT, 2010 (1)

State  Percent State  Percent State  Percent
Alabama 5.4% Louisiana 3.8% Oklahoma 4.8%
Alaska 3.7 Maine 7.4 Oregon 5.0
Arizona 7.9 Maryland 5.7 Pennsylvania 8.9
Arkansas 4.7 Massachusetts 10.7 Rhode Island 13.0
California 5.6 Michigan 7.3 South Carolina 5.2
Colorado 6.8 Minnesota 10.0 South Dakota 19.6
Connecticut 19.4 Mississippi 4.6 Tennessee 6.7
Delaware 36.9 Missouri 6.6 Texas 6.7
D.C. 5.5 Montana 5.3 Utah 9.4
Florida 7.6 Nebraska 10.1 Vermont 6.5
Georgia 6.0 Nevada 11.2 Virginia 7.5
Hawaii 4.2 New Hampshire 9.2 Washington 4.7
Idaho 5.7 New Jersey 8.6 West Virginia 4.4
Illinois 10.6 New Mexico 3.7 Wisconsin 9.5
Indiana 6.9 New York 17.2 Wyoming 2.2
Iowa 13.8 North Carolina 11.5 United States 8.5% (2)
Kansas 6.4 North Dakota 6.4    
Kentucky 5.1 Ohio 9.0    

(1) Excludes real estate.
(2) Differs from data shown elsewhere for United States due to rounding.

Source: U.S. Department of Commerce, Bureau of Economic Analysis.

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