Real Gross Domestic Product: Health Care and Social Assistance (62) in Maine
MEHLTHSOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,882.60
Year-over-Year Change
30.00%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the health care and social assistance sector in Maine. It is an important indicator of the state's economic performance and health care industry activity.
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 Real Gross Domestic Product: Health Care and Social Assistance (62) in Maine series tracks the inflation-adjusted value added by the health care and social assistance industry in the state. It provides insights into the productivity and growth of this critical sector of Maine's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
This trend is closely monitored by policymakers, healthcare providers, and economic analysts to assess the health and competitiveness of Maine's healthcare industry.
Key Facts
- Maine's healthcare sector accounts for over 15% of the state's GDP.
- This trend has grown at an average annual rate of 2.5% over the past decade.
- The COVID-19 pandemic had a significant impact on Maine's healthcare GDP in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the health care and social assistance sector in the state of Maine.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the productivity and growth of Maine's crucial healthcare industry, which is a major contributor to the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers, healthcare providers, and economic analysts closely monitor this trend to assess the health and competitiveness of Maine's healthcare industry.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the Bureau of Economic Analysis, and there may be lags in the most recent reporting.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Health Care and Social Assistance (62) in Maine (MEHLTHSOCASSRGSP), retrieved from FRED.