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

The New York economy is the 3rd largest in the United States, behind Texas and ahead of Florida.

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.

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