New gross domestic product data reaffirms information technology drove the economic boom of the late 1990s, the U.S. Bureau of Economic Analysis said Monday.
The new estimates are based on the North American Industry Classification System, which provides more detail on high-technology industries in both the goods- and services-producing sectors of the economy.
GDP data from 1987-2000 broken down by industry showed real GDP growth accelerated during 1995-2000 to an average annual rate of 4.1 percent, compared with 2.7 percent during 1987-1995.
Real GDP growth accelerated during 1995-2000 to an average annual rate of 4.1 percent, compared with 2.7 percent in the 1987-1995 period.
The fastest-growing industry groups during the late '90s were durable goods manufacturing (8.9 percent) and information (8 percent). The computer and electronic products industry led growth in durable goods manufacturing; and the publishing industry, which includes software, drove the growth in the information sector.
The professional and business share of the services industry, which includes computer-systems design and related services, increased the most, from 8.7 percent in 1987 to 11.6 percent during 2000.
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