Gross Domestic Product: Private Services-Providing Industries in Idaho
IDPRISERVPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
87,663.80
Year-over-Year Change
142.25%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Private Services-Providing Industries in Idaho measures the economic output of the private services sector in the state. This metric is important for assessing the 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
This trend represents the total inflation-adjusted value added by private-sector service industries in Idaho, such as finance, healthcare, and retail. It is a key indicator of the state's economic performance and a data point used by policymakers and analysts to gauge the service-based components of Idaho's GDP.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
Economists and policymakers monitor this metric to understand the underlying drivers of Idaho's economic growth and make informed decisions.
Key Facts
- Idaho's private services sector accounts for over 60% of the state's GDP.
- This metric has grown by an average of 3.2% annually over the past decade.
- The healthcare and finance industries are the largest components of Idaho's private services GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total inflation-adjusted value added by private-sector service industries in the state of Idaho, such as finance, healthcare, and retail.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of the health and growth of Idaho's economy, as the private services sector is a major driver of the state's GDP.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates for the state of Idaho.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor this metric to understand the underlying drivers of Idaho's economic growth and make informed decisions about economic policy in the state.
Q: Are there update delays or limitations?
A: The data is published quarterly by the Bureau of Economic Analysis with a typical 2-3 month delay.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Private Services-Providing Industries in Idaho (IDPRISERVPRONGSP), retrieved from FRED.