Real Gross Domestic Product: Trade (42, 44-45) in the Great Lakes BEA Region
GLAKTRADERGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
362,162.70
Year-over-Year Change
24.74%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures real gross domestic product (GDP) for the trade sector in the Great Lakes region of the United States. It provides insights into the region's economic performance and growth.
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: Trade (42, 44-45) in the Great Lakes BEA Region metric tracks the output of the trade industry, which includes wholesale and retail trade activities, in the eight-state Great Lakes region. This data helps economists and policymakers assess the regional economy's health and growth trajectory.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using established national income and product accounting methods.
Historical Context
This regional GDP data informs economic and policy decisions at the state and local levels within the Great Lakes region.
Key Facts
- The Great Lakes region includes Illinois, Indiana, Michigan, Ohio, Wisconsin, Minnesota, Pennsylvania, and New York.
- Trade accounts for over 20% of the region's total economic output.
- This metric is released quarterly by the U.S. Bureau of Economic Analysis.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the trade sector, including wholesale and retail trade activities, in the eight-state Great Lakes region of the United States.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into the health and growth of the regional economy, which is crucial information for policymakers, businesses, and economic analysts operating in the Great Lakes area.
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 income and product accounting methods.
Q: How is this trend used in economic policy?
A: This regional GDP data informs economic and policy decisions at the state and local levels within the Great Lakes region, helping guide investments, regulations, and other initiatives.
Q: Are there update delays or limitations?
A: This metric is released quarterly by the U.S. Bureau of Economic Analysis, with a typical delay of several months between the end of the reference period and the data publication.
Related Trends
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GLAKBRDTELERGSP
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Gross Domestic Product: Data Processing, Hosting, and Other Information Services (518-519) in the Great Lakes BEA Region
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Gross Domestic Product: Real Estate and Rental and Leasing (53) in the Great Lakes BEA Region
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Personal Consumption Expenditures: Services: Final Consumption Expenditures of Nonprofit Institutions Serving Households for Great Lakes BEA Region
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Per Capita Personal Consumption Expenditures: Goods: Durable Goods: Furnishings and Durable Household Equipment for Great Lakes BEA Region
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Trade (42, 44-45) in the Great Lakes BEA Region (GLAKTRADERGSP), retrieved from FRED.