Gross Domestic Product: Private Industries in Alabama
ALPINGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
271,937.00
Year-over-Year Change
73.96%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product (GDP) of private industries in Alabama measures the total economic output generated by the state's private sector. This key metric provides insights into Alabama's economic health and business climate.
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 ALPINGSP series represents the inflation-adjusted GDP produced by Alabama's private industries, excluding government activities. It is a valuable indicator of the state's private sector performance and can inform business decisions, economic policy, and investment strategies.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts methodology.
Historical Context
Policymakers and analysts use this trend to assess Alabama's economic competitiveness and guide decisions on business development, infrastructure investment, and other initiatives.
Key Facts
- Alabama's private GDP grew by 2.5% in 2021.
- The state's private industries account for over 80% of total GDP.
- Manufacturing is a key driver of Alabama's private sector output.
FAQs
Q: What does this economic trend measure?
A: The ALPINGSP series measures the total inflation-adjusted economic output generated by Alabama's private industries, excluding government activities.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and competitiveness of Alabama's private sector, which is crucial for understanding the state's overall economic health and informing business, policy, and investment decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts methodology.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use the ALPINGSP trend to assess Alabama's economic competitiveness and guide decisions on business development, infrastructure investment, and other initiatives that support the state's private sector growth.
Q: Are there update delays or limitations?
A: The ALPINGSP data is typically published with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Private Industries in Alabama (ALPINGSP), retrieved from FRED.