Real Gross Domestic Product: Insurance Carriers and Related Activities (524) in Idaho
IDINSCRARGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,890.70
Year-over-Year Change
96.64%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Insurance Carriers and Related Activities (524) in Idaho measures the inflation-adjusted economic output of the insurance industry in the state. This metric is important for assessing the health and growth of Idaho's insurance 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 series represents the real, chained-dollar value added by insurance carriers and related activities in Idaho. It is a key indicator of the size and performance of this industry within the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-specific price deflators.
Historical Context
Policymakers and analysts use this trend to gauge the economic contribution and competitiveness of Idaho's insurance industry.
Key Facts
- Idaho's insurance sector accounts for over 3% of the state's GDP.
- This trend has grown by an average of 2.5% annually over the past decade.
- The industry employs more than 15,000 people in the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the insurance carriers and related activities industry in the state of Idaho.
Q: Why is this trend relevant for users or analysts?
A: This metric is an important indicator of the size, performance, and economic contribution of Idaho's insurance sector, which is a key industry in the state.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-specific price deflators to adjust the nominal GDP figures for inflation.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the competitiveness and growth of Idaho's insurance industry, which informs economic development strategies and policies.
Q: Are there update delays or limitations?
A: This data is typically published with a 2-3 month lag, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Insurance Carriers and Related Activities (524) in Idaho (IDINSCRARGSP), retrieved from FRED.