New York GDP size and rank
After recording over 4 percent of real gross domestic product (GDP) growth from 2005-2007, the New York state economy slowed down a bit in 2008.
New York GDP - nominal and real
The economic output of the state of New York was $1.144 trillion in 2008. That figure is based on current 2008 dollars (nominal GDP), while the inflation adjusted GDP, real GDP, based on prices in the year 2000, was $965 billion in 2008, according to data from the U.S. Department of Commerce.
The data for economic growth show New York GDP grew at 3.6% in nominal terms in 2008 compared to 2007, in real terms the growth was 1.6%.
During the years of 2000-2008, New York GDP grew at an annual rate of 4.96% in nominal terms and in real terms the economy grew by 2.7%.
New York economy rank
Finance and insurance
Finance and insurance led all sectors in the state's economy. Finance and insurance contributed $187 billion in economic development in 2008, that's 16% of the total economic output of New York. This sector has grown 4.5% year over year since 2000.
Coming in second adding $176 billion, the real estate sector was responsible for 15.3% of New York's GDP in 2008. The real estate sector was 13.8% of the economy in 2000, and has grown 6.3% year over year in New York since 2000.
Government, professional and technical services, healthcare
Government sector accounted for nearly 10.2% of the economic output with a contribution of $117 billion.
Ranking fourth and fifth biggest sectors in the state were professional and technical services $103 billion and healthcare $83 billion, respectively.