Gross Domestic Product: Finance and Insurance (52) in Louisiana
LAFININSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
15,563.80
Year-over-Year Change
113.59%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product (GDP) for the Finance and Insurance (52) sector in Louisiana measures the economic output of this key industry. It provides insights into the state's financial activities and is an important indicator for policymakers and analysts.
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 GDP series represents the total value of goods and services produced by the Finance and Insurance (NAICS 52) sector within the state of Louisiana. It is a key metric for understanding the relative size and performance of this industry compared to the overall state economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Analysts and policymakers use this data to gauge the health and competitiveness of Louisiana's financial sector.
Key Facts
- Louisiana's finance and insurance GDP was $14.2 billion in 2021.
- This sector accounts for 6.4% of Louisiana's total economic output.
- The finance and insurance GDP has grown 18% in Louisiana over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total economic output or Gross Domestic Product (GDP) of the Finance and Insurance (NAICS 52) sector within the state of Louisiana.
Q: Why is this trend relevant for users or analysts?
A: This data is important for understanding the relative size and performance of Louisiana's finance and insurance industry, which is a key driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this data to gauge the health and competitiveness of Louisiana's financial sector, which informs policy decisions and economic development strategies.
Q: Are there update delays or limitations?
A: The data is typically released with a 1-2 quarter delay by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Finance and Insurance (52) in Louisiana (LAFININSNGSP), retrieved from FRED.