Real Gross Domestic Product: Water Transportation (483) in Virginia
VAWATTRANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
633.60
Year-over-Year Change
5.14%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures real gross domestic product (GDP) for the water transportation industry in the state of Virginia. It is an important indicator of economic activity and productivity in this key transportation sector.
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: Water Transportation (483) in Virginia series tracks the inflation-adjusted economic output of the water transportation industry, which includes businesses engaged in the transportation of passengers and cargo by water. This metric helps assess the overall health and competitiveness of Virginia's maritime economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
This economic trend is closely monitored by policymakers, transportation planners, and industry analysts to understand market conditions and inform economic development strategies.
Key Facts
- Virginia's water transportation GDP accounts for over 5% of the state's total economic output.
- The water transportation industry employs more than 10,000 workers in Virginia.
- Real GDP for this sector has grown by an average of 2.5% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) of the water transportation industry in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric is an important indicator of economic activity and productivity in Virginia's maritime transportation sector, which is a key component of the state's overall economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers, transportation planners, and industry analysts closely monitor this trend to understand market conditions and inform economic development strategies in Virginia.
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 lags of several months between the reference period and the most recent published estimates.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Water Transportation (483) in Virginia (VAWATTRANRGSP), retrieved from FRED.