Real Gross Domestic Product: All Industry Total in Illinois
ILRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
895,342.50
Year-over-Year Change
13.23%
Date Range
1/1/1997 - 1/1/2024
Summary
Real Gross Domestic Product (GDP) measures the total economic output of Illinois, adjusted for inflation. It is a key indicator of the state's economic health and growth.
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
Real GDP for Illinois represents the total value of all goods and services produced within the state, expressed in constant dollars to account for price changes over time. It is a comprehensive measure of economic activity and an important benchmark for policymakers and analysts.
Methodology
Real GDP data is calculated by the U.S. Bureau of Economic Analysis using production and price indices.
Historical Context
Trends in Illinois' real GDP provide insights into the state's economic performance and can inform policy decisions.
Key Facts
- Illinois' real GDP was $811 billion in 2021.
- The state's real GDP grew by 3.4% in 2021 after a 2.9% decline in 2020.
- Manufacturing and finance/insurance/real estate are major contributors to Illinois' GDP.
FAQs
Q: What does this economic trend measure?
A: The Real Gross Domestic Product: All Industry Total in Illinois measures the total economic output of the state, adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: Real GDP is a comprehensive indicator of Illinois' economic health and performance, providing insights that are relevant for policymakers, businesses, and analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using production and price indices.
Q: How is this trend used in economic policy?
A: Trends in Illinois' real GDP can inform policy decisions and help assess the state's economic conditions and growth potential.
Q: Are there update delays or limitations?
A: The real GDP data for Illinois is updated quarterly by the Bureau of Economic Analysis, with potential delays of a few months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: All Industry Total in Illinois (ILRGSP), retrieved from FRED.