Real Gross Domestic Product: Private Services-Providing Industries in Arizona
AZPRISERVPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
317,675.40
Year-over-Year Change
50.04%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Private Services-Providing Industries in Arizona measures the inflation-adjusted economic output of the private services sector in Arizona. This metric is a key indicator of the state's economic health and performance.
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 series tracks the real GDP, or inflation-adjusted economic output, of the private services-providing industries in Arizona. It is a valuable measure of the state's economic activity and productivity in the services sector, which includes industries like finance, healthcare, and professional services.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP estimates.
Historical Context
Policymakers and economists use this metric to assess the strength and direction of Arizona's economy and make informed decisions.
Key Facts
- Arizona's private services sector accounts for over 70% of the state's GDP.
- This metric has grown by an average of 2.5% annually over the past decade.
- The services-providing industries include finance, healthcare, and professional services.
FAQs
Q: What does this economic trend measure?
A: This trend measures the inflation-adjusted economic output of the private services sector in Arizona, providing a gauge of the state's economic performance in this key industry.
Q: Why is this trend relevant for users or analysts?
A: The private services sector is a crucial driver of Arizona's economy, and this metric offers valuable insights into the state's economic health and trajectory.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess the strength and direction of Arizona's economy and make informed decisions about economic policy and investment.
Q: Are there update delays or limitations?
A: The data is released on a quarterly basis, with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Services-Providing Industries in Arizona (AZPRISERVPRORGSP), retrieved from FRED.