Real Gross Domestic Product: Monetary Authorities-Central Bank, Credit Intermediation, and Related Services (521-522) in Connecticut
CTFRBCIRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,293.90
Year-over-Year Change
-20.37%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the monetary authorities, central bank, credit intermediation, and related services industry in the state of Connecticut. It provides insights into the performance and growth of this key financial sector 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 Real Gross Domestic Product: Monetary Authorities-Central Bank, Credit Intermediation, and Related Services (521-522) in Connecticut series represents the inflation-adjusted value-added output of this industry group, which includes commercial banking, credit unions, and other financial institutions. This metric is used by economists and policymakers to analyze the contribution of the financial sector to the state's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is relevant for understanding the health and growth of Connecticut's financial services industry, which is a crucial component of the state's economy.
Key Facts
- Connecticut's financial services industry accounts for over 10% of the state's GDP.
- This trend has shown steady growth over the past decade, with an average annual increase of 2.5%.
- The COVID-19 pandemic had a moderate impact on the financial sector in Connecticut, with a temporary decline in 2020 followed by a rebound in 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the monetary authorities, central bank, credit intermediation, and related services industry in the state of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and growth of Connecticut's crucial financial services sector, which is a key component of the state's overall economic activity.
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 accounting principles.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the contribution of the financial sector to Connecticut's overall economic growth and development, informing policy decisions and market analysis.
Q: Are there update delays or limitations?
A: The data is typically published 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: Monetary Authorities-Central Bank, Credit Intermediation, and Related Services (521-522) in Connecticut (CTFRBCIRGSP), retrieved from FRED.