Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Indiana
INPROBUSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
43,136.80
Year-over-Year Change
69.49%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product (GDP) for Professional and Business Services in Indiana measures the inflation-adjusted economic output of this key industry sector. It provides insights into the health and growth of Indiana's economy.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This economic indicator tracks the real GDP, or inflation-adjusted total value of goods and services produced, by the Professional and Business Services industry in Indiana. It is a crucial measure of economic productivity and competitiveness for the state.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using surveys and economic models.
Historical Context
Policymakers and analysts use this trend to assess the performance and outlook of Indiana's economy.
Key Facts
- Indiana's Professional and Business Services sector accounts for over 15% of the state's GDP.
- This industry has experienced steady growth in recent years, outpacing the overall state economy.
- The Real GDP for this sector provides a key measure of productivity and competitiveness.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted Gross Domestic Product (GDP) for the Professional and Business Services industry in the state of Indiana.
Q: Why is this trend relevant for users or analysts?
A: This trend provides crucial insights into the performance and growth of a key industry sector in Indiana's economy, informing policymakers and market analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using surveys and economic models.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the overall health and competitiveness of Indiana's economy, informing decisions around economic development and investment.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates and revisions by the Bureau of Economic Analysis, which may result in short lags before the most recent information is available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Indiana (INPROBUSRGSP), retrieved from FRED.