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.
GROSS DOMESTIC PRODUCT OF FINANCIAL SERVICES, SHARES BY COMPONENT, INCLUDING REAL ESTATE, 2003




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 20.4 percent of GDP in 2003, compared with 20.5 percent in 2002.

GROSS DOMESTIC PRODUCT OF FINANCIAL SERVICES, SHARES BY COMPONENT, EXCLUDING REAL ESTATE, 2003



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

  • With real estate excluded, the remaining financial services industries contributed 8.0 percent to the GDP in 2003, compared with 7.8 percent in 2002.

GROSS DOMESTIC PRODUCT OF THE FINANCIAL SERVICES INDUSTRY, 1999-2003 (1)

($ billions)



1999

2000

2001

2002

2003
Total GDP$9,268.4$9,817.0$10,128.0$10,487.0$11,004.0
  
Total financial services industry1,798.41,931.02,059.22,148.22,250.3
     Industry percent of total GDP19.4%19.7%20.3%20.5%20.4%
      
Finance and insurance$679.8$740.5$782.6$818.2$882.9
     Insurance carriers and related activities216.9238.3234.4234.8256.0
     Federal Reserve banks, credit intermediation and related activities308.0319.0360.1413.9440.4
     Securities, commodity contracts and investments139.9167.7170.2151.2168.1
     Funds, trusts and other financial vehicles15.015.518.018.218.4
Total real estate and rental and leasing1,118.61,190.51,276.61,330.01,367.4
     Real estate1,017.91,082.11,169.71,227.51,260.7
     Rental and leasing services and lessors of intangible assets100.6108.3106.9102.5106.7

(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, 1999-2003 (1)


 

Percent of total gross domestic product

 

1999

2000

2001

2002

2003
Finance, insurance, real estate, and rental and leasing19.4%19.7%20.3%20.5%20.4%
  Finance and insurance7.37.57.77.88.0
     Federal Reserve banks, credit intermediation and related activities3.33.23.63.94.0
     Insurance carriers and related activities2.32.42.32.22.3
     Securities, commodity contracts and investments1.51.71.71.41.5
     Funds, trusts and other financial vehicles0.20.20.20.20.2
  Total real estate, and rental and leasing12.112.112.612.712.4

(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, 1999-2003

($ 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
1999$9,268.46.0%$1,798.46.8%$679.86.0%
20009,817.05.91,931.07.4740.58.9
200110,128.03.22,059.26.6782.65.7
200210,487.03.52,148.24.3818.24.5
200311,004.04.92,250.34.8882.97.9

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

FINANCIAL SERVICES PERCENTAGE SHARE OF GROSS STATE PRODUCT, 2003 (1)


State

Percent

State

Percent

State

Percent
Kansas6.3North Dakota6.3  
Kentucky4.9Ohio7.5  
Indiana6.1New York15.5Wyoming2.8
Idaho4.3New Jersey8.3West Virginia4.0
California6.9Michigan5.9South Carolina4.9
Alabama5.5%Louisiana3.9%Oklahoma5.2%
Alaska3.5Maine6.9Oregon5.7
Florida7.1Nebraska8.2Vermont6.0
Hawaii4.7New Hampshire8.6Washington6.0
Connecticut16.0Mississippi4.5Tennessee6.2
Delaware32.9Missouri6.3Texas6.5
Georgia6.2Nevada8.1Virginia6.7
Illinois9.7New Mexico3.8Wisconsin7.3
Arizona8.5Maryland6.9Pennsylvania7.5
District of Columbia5.3Montana5.1Utah9.4
Arkansas4.5Massachusetts11.1Rhode Island13.4
Colorado6.8Minnesota10.4South Dakota17.6
Iowa10.6North Carolina10.0Total U.S.8.1 (2)

(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.