Real Gross Domestic Product: Information (51) in Illinois
Annual, Not Seasonally Adjusted
ILINFORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
46,463.50
Year-over-Year Change
113.13%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the annual, not seasonally adjusted Gross State Product (GSP) for Illinois. It provides insight into the overall economic performance and growth of the state.
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 Annual, Not Seasonally Adjusted GSP for Illinois tracks the total value of goods and services produced within the state over a one-year period. This metric is widely used by economists and policymakers to assess the health and trajectory of the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using various economic surveys and administrative records.
Historical Context
The Illinois GSP trend is a key indicator monitored by state government, businesses, and investors to inform economic and policy decisions.
Key Facts
- Illinois is the 6th largest state economy in the U.S.
- The state's GSP reached over $900 billion in 2021.
- The largest industries in Illinois are finance, insurance, real estate, and manufacturing.
FAQs
Q: What does this economic trend measure?
A: The Annual, Not Seasonally Adjusted Gross State Product (GSP) for Illinois tracks the total value of goods and services produced within the state over a one-year period.
Q: Why is this trend relevant for users or analysts?
A: The Illinois GSP trend provides key insights into the overall economic performance and growth of the state, which is relevant for policymakers, businesses, and investors monitoring the state's economic conditions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using various economic surveys and administrative records.
Q: How is this trend used in economic policy?
A: The Illinois GSP trend is closely monitored by state government, businesses, and investors to inform economic and policy decisions, such as budgeting, investment, and regulatory changes.
Q: Are there update delays or limitations?
A: The Illinois GSP data is typically released with a lag of several months, and the not seasonally adjusted figures may be subject to greater volatility compared to seasonally adjusted data.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (ILINFORGSP), retrieved from FRED.