Real Gross Domestic Product: Private Industries in Connecticut
CTPIRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
270,036.30
Year-over-Year Change
7.55%
Date Range
1/1/2005 - 1/1/2025
Summary
The Real Gross Domestic Product: Private Industries in Connecticut measures the inflation-adjusted economic output of Connecticut's private sector. It is a key indicator of the state's economic health and growth trajectory.
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 metric represents the total inflation-adjusted value of goods and services produced by Connecticut's private businesses, excluding the public sector. It is a vital measure of the state's economic performance and a leading indicator used by policymakers and analysts to assess Connecticut's economic conditions.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using national accounts methodology.
Historical Context
This trend is closely monitored by state officials, businesses, and economists to gauge Connecticut's economic competitiveness and guide policy decisions.
Key Facts
- Connecticut's private sector accounts for over 80% of the state's GDP.
- Real private GDP growth in Connecticut averaged 1.8% annually from 2010-2020.
- The state's private industries experienced a 3.5% decline in 2020 due to the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: The Real Gross Domestic Product: Private Industries in Connecticut measures the inflation-adjusted economic output of the state's private sector, excluding the public sector.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of Connecticut's economic health and competitiveness, providing insight into the performance and growth of the state's private businesses.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using national accounts methodology.
Q: How is this trend used in economic policy?
A: Connecticut state officials, businesses, and economists closely monitor this trend to assess the state's economic conditions and guide policy decisions.
Q: Are there update delays or limitations?
A: The data is subject to occasional revisions and may have a lag of several months between the reference period and the release date.
Related Trends
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Industries in Connecticut (CTPIRQGSP), retrieved from FRED.