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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.On an annual basis, the insurance industry’s value added to the GDP exceeded that of banks for the first time in 2015 and has remained above banks. In 2017, the insurance industry’s value added to GDP stood at 3.1 percent compared with 2.9 percent for the banking industry.
($ billions)
|
(1) Preliminary.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.