Real Gross Domestic Product: Government and Government Enterprises (92) in the Great Lakes BEA Region
GLAKGOVRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
290,258.20
Year-over-Year Change
6.05%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the real gross domestic product (GDP) of the government and government enterprises sector in the Great Lakes Bureau of Economic Analysis (BEA) region. It is a key indicator of the economic output and fiscal health of the public sector in this geographic area.
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: Government and Government Enterprises (92) in the Great Lakes BEA Region tracks the inflation-adjusted economic activity of federal, state, and local government agencies and related public enterprises within the eight-state Great Lakes region. This metric is used by economists and policymakers to assess the scale and trajectory of the public sector's contribution to regional economic growth.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Analysts and policymakers monitor this trend to gain insights into the fiscal condition and economic footprint of government entities within the Great Lakes region.
Key Facts
- The Great Lakes region spans Illinois, Indiana, Michigan, Ohio, Wisconsin, Minnesota, and parts of Pennsylvania and New York.
- Government and government enterprises account for over 12% of total GDP in the Great Lakes region.
- This metric has shown steady growth since the Great Recession, reflecting the public sector's role in the region's economic recovery.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the government and government enterprises sector within the eight-state Great Lakes region.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the size, growth, and economic impact of the public sector in the Great Lakes region, which is important for understanding regional economic conditions and fiscal policy.
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: Economists and policymakers monitor this trend to assess the fiscal health and economic footprint of government entities within the Great Lakes region, which informs policy decisions at the federal, state, and local levels.
Q: Are there update delays or limitations?
A: This data is published quarterly with a lag of approximately two to three months, so it may not reflect the most recent economic conditions.
Related Trends
Gross Domestic Product: Construction (23) in the Great Lakes BEA Region
GLAKCONSTNQGSP
Gross Domestic Product: Durable Goods Manufacturing (321, 327-339) in the Great Lakes BEA Region
GLAKDURMANNQGSP
Chain-Type Quantity Index for Real GDP: Health Care and Social Assistance (62) in the Great Lakes BEA Region
GLAKHLTHSOCASSQQGSP
Gross Domestic Product: Trade (42, 44-45) in the Great Lakes BEA Region
GLAKTRADENGSP
Real Gross Domestic Product: Transportation and Warehousing (48-49) in the Great Lakes BEA Region
GLAKTRANSWARERQGSP
Gross Domestic Product: Farms (111-112) in the Great Lakes BEA Region
GLAKFARMNGSP
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Government and Government Enterprises (92) in the Great Lakes BEA Region (GLAKGOVRQGSP), retrieved from FRED.