Chain-Type Quantity Index for Real GDP: Finance and Insurance (52) in Virginia
VAFININSQQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
115.81
Year-over-Year Change
4.24%
Date Range
1/1/2005 - 1/1/2025
Summary
The Chain-Type Quantity Index for Real GDP: Finance and Insurance (52) in Virginia tracks the inflation-adjusted output of the finance and insurance sector in the state, providing insights into economic activity and productivity.
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 index measures the volume of real economic output from the finance and insurance industry in Virginia, adjusting for price changes over time. It is a key indicator for analyzing the health and growth of this important sector within the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology.
Historical Context
Policymakers and analysts use this index to assess the performance and competitiveness of Virginia's finance and insurance industries.
Key Facts
- The index uses 2012 as the base year.
- Virginia's finance and insurance sector accounts for over 6% of the state's GDP.
- The index has shown steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of Virginia's finance and insurance sector, providing insights into the productivity and growth of this key industry within the state's economy.
Q: Why is this trend relevant for users or analysts?
A: The finance and insurance industry is a major component of Virginia's economy, so this index is an important indicator for evaluating the sector's performance and competitiveness.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology to adjust for price changes over time.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to assess the health and growth of Virginia's finance and insurance industries, which informs decisions related to economic development, workforce, and regulatory policies.
Q: Are there update delays or limitations?
A: The index is updated quarterly by the U.S. Bureau of Economic Analysis, with a lag of approximately 3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Finance and Insurance (52) in Virginia (VAFININSQQGSP), retrieved from FRED.