Gross Domestic Product: All Industry Total in Idaho
IDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
128,132.10
Year-over-Year Change
121.17%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product (GDP) All Industry Total in Idaho measures the total economic output of all industries within the state. This metric is a key indicator of the overall health and growth of Idaho'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
GDP is the broadest measure of economic activity, representing the market value of all final goods and services produced within a geographic area over a specific time period. The All Industry Total for Idaho provides a comprehensive view of the state's economic performance across various sectors.
Methodology
The Bureau of Economic Analysis calculates Idaho's GDP All Industry Total using data from surveys, administrative records, and other sources.
Historical Context
Policymakers and analysts use this metric to assess Idaho's economic conditions and inform decision-making.
Key Facts
- Idaho's GDP All Industry Total reached $91.7 billion in 2020.
- The service sector accounts for the largest share of Idaho's GDP at over 60%.
- Idaho's GDP growth rate has consistently outpaced the national average in recent years.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product (GDP) All Industry Total in Idaho measures the total economic output of all industries within the state, providing a comprehensive view of Idaho's economic performance.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of the overall health and growth of Idaho's economy, making it highly relevant for policymakers, businesses, and analysts seeking to understand the state's economic conditions.
Q: How is this data collected or calculated?
A: The Bureau of Economic Analysis calculates Idaho's GDP All Industry Total using data from surveys, administrative records, and other sources.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess Idaho's economic conditions and inform decision-making, such as in the development of economic policies and strategies.
Q: Are there update delays or limitations?
A: The GDP All Industry Total data for Idaho is typically released on a quarterly basis, with some potential for minor delays in the reporting.
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Citation
U.S. Federal Reserve, Gross Domestic Product: All Industry Total in Idaho (IDNGSP), retrieved from FRED.