In 1992, the industry's gross output was estimated to be $3.5 trillion, over 12 per cent of all consumer spending.
Would you please explain the meaning of the sentence? Especially the second part of the sentence.
5 trillion, and that amount accounted for slightly more than 12% of all consumer spending.
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In 1992, gross revenue from that industry was approximately $3.5 trillion, and that amount accounted for slightly more than 12% of all consumer spending.