FINANCIAL SERVICES INDUSTRY 
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, 2004




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

  • When real estate transactions (e.g., development, mortgages and related services, property sales and rentals) are included, financial services accounted for 20.6 percent of the GDP in 2004, basically unchanged from 2003.

GROSS DOMESTIC PRODUCT OF FINANCIAL SERVICES, SHARES BY COMPONENT EXCLUDING REAL ESTATE, 2004



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

  • With real estate excluded, the remaining financial services industries contributed 7.9 percent to the GDP in 2004, compared with 8.1 percent in 2003.

GROSS DOMESTIC PRODUCT OF THE FINANCIAL SERVICES INDUSTRY, 2000-2004 (1)

($ billions)



2000

2001

2002

2003

Total GDP$9,817.0$10,128.0$10,469.6$10,971.2$11,734.3
      
Total financial services industry1,931.02,059.22,141.92,260.42,412.9
     Industry percent of total GDP19.7%20.3%20.5%20.6%20.6%
      
Finance and insurance$740.5$782.6$822.7$885.2$927.4
     Insurance carriers and related activities238.3234.4237.4260.4269.6
     Federal Reserve banks, credit intermediation and related activities319.0360.1417.4451.8464.7
     Securities, commodity contracts and investments167.7170.2148.4153.3170.9
     Funds, trusts and other financial vehicles15.518.019.519.722.2
Total real estate and rental and leasing1,190.51,276.61,319.21,375.21,485.5
     Real estate1,082.11,169.71,215.91,268.61,374.7
     Rental and leasing services and lessors of intangible assets108.3106.9103.3106.6110.8

(1) Includes real estate and rental and leasing.

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

FINANCIAL SERVICES SECTOR’S SHARE OF GROSS DOMESTIC PRODUCT, 2000-2004 (1)


 

Percent of total gross domestic product

 



2002

2003

Finance, insurance, real estate, and rental and leasing19.7%20.3%20.5%20.6%20.6%
  Finance and insurance7.57.77.98.17.9
     Federal Reserve banks, credit intermediation and related activities3.23.64.04.14.0
     Insurance carriers and related activities2.42.32.32.42.3
     Securities, commodity contracts and investments1.71.71.41.41.5
     Funds, trusts and other financial vehicles0.20.20.20.20.2
  Total real estate and rental and leasing12.112.612.612.512.7

(1) Includes real estate and rental and leasing.

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

FINANCIAL SERVICES VS. TOTAL U.S. GROSS DOMESTIC PRODUCT GROWTH, 2000-2004

($ billions)


Year

Total U.S. gross domestic product

Percent change from prior year

Finance, insurance, real estate and rental and leasing


Finance and insurance

Percent change from prior year
2000$9,817.05.9%$1,931.07.4%$740.58.9%
200110,128.03.22,059.26.6782.65.7
200210,469.63.42,141.94.0822.75.1
200310,971.24.82,260.45.5885.27.6
200411,734.37.02,412.96.7927.44.8

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

FINANCIAL SERVICES PERCENTAGE SHARE OF GROSS STATE PRODUCT, 2004 (1)



Percent


Percent

State

Percent
Alabama5.6%Louisiana4.0%Oklahoma5.3%
Alaska3.5Maine6.9Oregon5.5
Arizona8.6Maryland6.8Pennsylvania7.6
Arkansas4.5Massachusetts11.9Rhode Island13.9
California7.1Michigan5.9South Carolina4.9
Colorado6.8Minnesota10.5South Dakota17.8
Connecticut16.6Mississippi4.5Tennessee6.3
Delaware33.0Missouri6.3Texas6.6
D.C.5.6Montana5.2Utah9.2
Florida7.3Nebraska8.4Vermont5.9
Georgia6.4Nevada8.5Virginia6.7
Hawaii4.8New Hampshire8.4Washington6.1
Idaho4.3New Jersey8.4West Virginia4.0
Illinois10.0New Mexico3.7Wisconsin7.4
Indiana6.1New York16.7Wyoming2.8
Iowa10.7North Carolina10.3Total U.S.8.3 (2)
Kansas6.3North Dakota6.6  
Kentucky5.1Ohio7.7  

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

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