Gross Domestic Product: Insurance Carriers and Related Activities (524) in Maryland
MDINSCRANGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,949.80
Year-over-Year Change
32.85%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the insurance carriers and related activities industry in Maryland. It provides insights into the performance and contribution of this key sector to the state'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
The insurance carriers and related activities industry includes a wide range of insurance-related services, such as life, health, property, and casualty insurance. This GDP trend helps policymakers and analysts understand the economic importance and growth dynamics of this industry within Maryland.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its GDP by state and industry program.
Historical Context
This trend is used by economists, policymakers, and industry stakeholders to assess the health and competitiveness of Maryland's insurance sector.
Key Facts
- Maryland's insurance industry accounts for over 3% of the state's GDP.
- The insurance sector in Maryland has grown by an average of 2.5% annually over the past 5 years.
- The insurance industry is one of the largest private employers in Maryland, with over 60,000 jobs.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the insurance carriers and related activities industry in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and economic contribution of Maryland's insurance sector, which is a key industry for the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its GDP by state and industry program.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the health and competitiveness of Maryland's insurance industry, which informs economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, with a lag of several months. There may also be revisions to previous data points as more information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Insurance Carriers and Related Activities (524) in Maryland (MDINSCRANGSP), retrieved from FRED.