Gross Domestic Product: Finance and Insurance (52) in Alabama
ALFININSNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
17,938.70
Year-over-Year Change
20.59%
Date Range
1/1/2005 - 1/1/2025
Summary
This trend measures the Gross Domestic Product (GDP) contribution of the finance and insurance sector in the state of Alabama. It provides insight into the economic importance of this industry within 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 Gross Domestic Product: Finance and Insurance (52) in Alabama metric represents the total economic output of the finance and insurance industry in the state, expressed as a component of the state's overall GDP. This data is used by economists and policymakers to analyze the relative strength and composition of Alabama's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Historical Context
This metric is relevant for understanding the role of the finance and insurance sector in Alabama's economic landscape and informing policy decisions.
Key Facts
- Alabama's finance and insurance sector contributed $16.3 billion to state GDP in 2020.
- The finance and insurance industry accounts for 5.5% of Alabama's total economic output.
- This sector has grown by 3.2% annually in Alabama over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) contribution of the finance and insurance sector in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the economic importance of the finance and insurance industry within Alabama's economy, which is useful for analysts and policymakers.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Q: How is this trend used in economic policy?
A: This metric is relevant for understanding the role of the finance and insurance sector in Alabama's economic landscape and informing policy decisions.
Q: Are there update delays or limitations?
A: There may be update delays of several months, as the data is based on comprehensive economic accounts.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Finance and Insurance (52) in Alabama (ALFININSNQGSP), retrieved from FRED.