Chain-Type Quantity Index for Real GDP: Private Services-Providing Industries in Colorado
COPRISERVPROQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
133.42
Year-over-Year Change
58.25%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Private Services-Providing Industries in Colorado measures the real output of Colorado's private service-providing industries. This trend is a key indicator of economic activity and productivity in the state's service 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
This index tracks the quantity of goods and services produced by Colorado's private service-providing industries, adjusting for price changes. It is used to analyze the state's economic growth, structural changes, and productivity in the service sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula.
Historical Context
This metric provides insight into the health and dynamics of Colorado's service-based economy, which is crucial for policymakers and market analysts.
Key Facts
- Colorado's private service-providing industries account for over 60% of the state's GDP.
- The index uses 2012 as the base year with a value of 100.
- The data is released quarterly with a 1-2 month delay.
FAQs
Q: What does this economic trend measure?
A: This index measures the real output, adjusted for inflation, of Colorado's private service-providing industries such as finance, healthcare, and professional services.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the health and productivity of Colorado's crucial service sector, which is a key driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula to adjust for price changes.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to monitor the performance and structural changes in Colorado's service-based economy, which informs decisions around economic development, taxation, and other policies.
Q: Are there update delays or limitations?
A: The data is released quarterly with a 1-2 month delay, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Private Services-Providing Industries in Colorado (COPRISERVPROQGSP), retrieved from FRED.