Real Gross Domestic Product: Government and Government Enterprises (92) in West Virginia
WVGOVRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
12,785.70
Year-over-Year Change
2.34%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the real gross domestic product (GDP) of government and government enterprises in the state of West Virginia. It is an important indicator for policymakers and analysts to understand the role of the public sector in the state's economic activity.
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: Government and Government Enterprises (92) in West Virginia series tracks the inflation-adjusted value added by the government sector, including federal, state, and local government activities, to the state's overall economic output. This metric provides insight into the scale and influence of the public sector in West Virginia's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
Economists and policymakers use this trend to assess the contribution of government to West Virginia's economic performance and to inform public finance and fiscal policy decisions.
Key Facts
- West Virginia's government and government enterprises account for over 20% of the state's total GDP.
- The government sector's GDP in West Virginia has grown by 15% in the past decade.
- Public administration is one of the largest industries in West Virginia's economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) contribution of the government and government enterprises sector in the state of West Virginia.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the scale and influence of the public sector in West Virginia's economy, which is crucial for policymakers and economists analyzing the state's economic performance and public finance.
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 income and product accounting methods.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this trend to assess the contribution of government to West Virginia's economic output and to inform public finance and fiscal policy decisions at the state level.
Q: Are there update delays or limitations?
A: The data is published by the Federal Reserve on a quarterly basis, with a typical release delay of 2-3 months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Government and Government Enterprises (92) in West Virginia (WVGOVRQGSP), retrieved from FRED.