Real Gross Domestic Product: Private Industries in Illinois
Quarterly, Seasonally Adjusted Annual Rate
ILPIRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
812,128.20
Year-over-Year Change
1.84%
Date Range
1/1/2005 - 1/1/2025
Summary
The Quarterly, Seasonally Adjusted Annual Rate (ILPIRQGSP) measures the total value of goods and services produced within the United States on a quarterly basis, adjusted for seasonal variations. This key economic indicator is closely watched by policymakers and analysts to gauge the overall health of the U.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
The Gross Domestic Product (GDP) is the broadest measure of economic activity, representing the total market value of all final goods and services produced within a country during a given period. The seasonally adjusted annual rate provides a consistent and comparable view of GDP growth over time, adjusting for predictable seasonal fluctuations.
Methodology
The GDP data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic reports from businesses and government agencies.
Historical Context
GDP growth is a critical input for fiscal and monetary policy decisions, as well as market analyses of economic performance and future trends.
Key Facts
- GDP represents about $23 trillion of the U.S. economy.
- GDP growth averaged 2.3% annually over the past decade.
- The U.S. GDP contracted by 3.4% in 2020 due to the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: The Quarterly, Seasonally Adjusted Annual Rate (ILPIRQGSP) measures the total value of goods and services produced within the United States on a quarterly basis, adjusted for seasonal variations.
Q: Why is this trend relevant for users or analysts?
A: GDP growth is a critical indicator of overall economic health and performance, making the ILPIRQGSP series highly relevant for policymakers, investors, and economic analysts.
Q: How is this data collected or calculated?
A: The GDP data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic reports from businesses and government agencies.
Q: How is this trend used in economic policy?
A: GDP growth is a key input for fiscal and monetary policy decisions, as it helps policymakers assess the overall state of the economy and make informed choices about taxation, spending, and interest rates.
Q: Are there update delays or limitations?
A: The ILPIRQGSP data is released on a quarterly basis, with a lag of several weeks following the end of each quarter. There may also be revisions to historical GDP figures as more complete data becomes available.
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Citation
U.S. Federal Reserve, Quarterly, Seasonally Adjusted Annual Rate (ILPIRQGSP), retrieved from FRED.