Real Gross Domestic Product: Private Services-Providing Industries in Idaho
IDPRISERVPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
68,395.20
Year-over-Year Change
73.10%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Private Services-Providing Industries in Idaho measures the inflation-adjusted economic output of private service-providing industries in the state. This metric is a key indicator of Idaho's economic health and service sector performance.
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 GDP contribution of private service-providing industries in Idaho, such as trade, transportation, utilities, information, financial activities, professional and business services, education, health care, leisure and hospitality, and other services. It is a useful measure for analyzing the state's economic composition and service sector growth.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and analysts use this metric to gauge the performance and trends within Idaho's private service economy.
Key Facts
- Idaho's private service-providing industries account for over 70% of the state's real GDP.
- The real GDP of Idaho's private service sector grew by 3.2% in 2021.
- Professional and business services are the largest component of Idaho's private service-providing industries.
FAQs
Q: What does this economic trend measure?
A: This trend measures the inflation-adjusted economic output of private service-providing industries in the state of Idaho, including sectors like trade, transportation, information, and healthcare.
Q: Why is this trend relevant for users or analysts?
A: This metric is a key indicator of Idaho's economic health and the performance of its service sector, which is a major driver of the state's economy.
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: Policymakers and analysts use this metric to gauge the performance and trends within Idaho's private service economy, which informs economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Services-Providing Industries in Idaho (IDPRISERVPRORGSP), retrieved from FRED.