Real Gross Domestic Product: Retail Trade (44-45) in Idaho
IDRETAILRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,794.60
Year-over-Year Change
69.08%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Retail Trade (44-45) in Idaho measures the inflation-adjusted economic output of the retail trade sector in the state of Idaho. This metric is a key indicator of consumer spending and economic activity in the region.
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, inflation-adjusted GDP specifically for the retail trade industry (NAICS sectors 44-45) within the state of Idaho. It is used by economists and policymakers to track the health and performance of the Idaho retail economy as a component of the state's overall economic growth.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chained-dollar approach to account for inflation.
Historical Context
Trends in Idaho's retail GDP are closely monitored by state officials, businesses, and investors to gauge consumer demand and inform economic policy decisions.
Key Facts
- Idaho's retail GDP accounts for about 6% of the state's total economic output.
- Retail trade is the third-largest industry sector in Idaho by GDP.
- Idaho's retail GDP has grown by an average of 3.2% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted GDP specifically for the retail trade industry within the state of Idaho.
Q: Why is this trend relevant for users or analysts?
A: Trends in Idaho's retail GDP are closely watched by economists, policymakers, and businesses as an indicator of consumer spending and economic health 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 a chained-dollar approach to account for inflation.
Q: How is this trend used in economic policy?
A: Idaho's retail GDP data is used by state officials and policymakers to monitor consumer demand, inform economic policies, and support business and investment decisions.
Q: Are there update delays or limitations?
A: The retail GDP data for Idaho is published quarterly by the Bureau of Economic Analysis, with a lag of approximately two to three months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Retail Trade (44-45) in Idaho (IDRETAILRGSP), retrieved from FRED.