Real Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Montana
MTEDHLTHSOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,472.80
Year-over-Year Change
49.17%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the educational services, health care, and social assistance sectors in Montana. It provides valuable insights into the performance and contribution of these key industries 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 Real Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Montana series tracks the inflation-adjusted output of these vital service sectors. It is an important indicator for understanding the overall economic health and growth dynamics within Montana.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is closely monitored by policymakers, industry analysts, and economic development organizations to inform decision-making and investment strategies.
Key Facts
- Montana's educational, healthcare, and social assistance sectors account for over 20% of the state's GDP.
- This trend has shown steady growth over the past decade, outpacing the overall state economy.
- The COVID-19 pandemic had a significant impact on this sector, leading to a sharp decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the educational services, health care, and social assistance sectors in the state of Montana.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and contribution of key service industries to Montana's economy, which is crucial for policymakers, investors, and economic development strategists.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, industry analysts, and economic development organizations to inform decision-making and investment strategies in Montana.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the Bureau of Economic Analysis, and there may be occasional delays in the release of the latest figures.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Montana (MTEDHLTHSOCASSRGSP), retrieved from FRED.