Gross Domestic Product: Monetary Authorities-Central Bank, Credit Intermediation, and Related Services (521-522) in Illinois
ILFRBCINGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
32,957.20
Year-over-Year Change
31.21%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the monetary authorities, credit intermediation, and related services industry in Illinois. It provides insights into the economic performance and growth of this critical financial 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
The GDP of the monetary authorities, credit intermediation, and related services industry in Illinois represents the total value of goods and services produced by this sector within the state's economy. This metric is used by economists and policymakers to assess the financial health and contribution of this industry to the overall state economy.
Methodology
The data is collected and calculated by the U.S. Federal Reserve using established national accounting principles.
Historical Context
This economic trend is relevant for understanding the dynamics of Illinois' financial services industry and its impact on the state's economic landscape.
Key Facts
- Illinois' financial services sector accounts for over 5% of the state's GDP.
- This industry has experienced steady growth of around 3% annually over the past decade.
- The COVID-19 pandemic had a significant impact on the financial services industry in Illinois, leading to a 6.2% decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the monetary authorities, credit intermediation, and related services industry in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the economic performance and contribution of the financial services sector in Illinois, which is a critical industry for the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Federal Reserve using established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is used by economists, policymakers, and market analysts to understand the dynamics of Illinois' financial services industry and its impact on the state's overall economic landscape.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedules and potential revisions as other economic indicators published by the Federal Reserve.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Monetary Authorities-Central Bank, Credit Intermediation, and Related Services (521-522) in Illinois (ILFRBCINGSP), retrieved from FRED.