Real Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Minnesota
MNEDHLTHSOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
43,509.60
Year-over-Year Change
35.25%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the educational services, health care, and social assistance sectors in Minnesota. It provides insights into the economic performance and growth of these key industries within 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 Real Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Minnesota series represents the inflation-adjusted value added by these industries to the state's overall economic output. It is a crucial indicator for policymakers and analysts to understand the dynamics and contributions of these sectors to Minnesota's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is widely used by economists, policymakers, and industry stakeholders to assess the economic health and development of Minnesota's education, healthcare, and social assistance sectors.
Key Facts
- Minnesota's educational, healthcare, and social assistance sectors account for a significant portion of the state's GDP.
- These industries have experienced steady growth in recent years, reflecting their importance to the state's economy.
- The performance of these sectors is closely monitored by policymakers and analysts to inform economic development strategies.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the educational services, health care, and social assistance sectors in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the economic performance and growth of these key industries within Minnesota, which are crucial for policymakers and analysts to understand the state's economic development.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is widely used by economists, policymakers, and industry stakeholders to assess the economic health and development of Minnesota's education, healthcare, and social assistance sectors, which informs economic development strategies.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates and revisions by the U.S. Bureau of Economic Analysis, which may result in slight delays in the availability of the most recent information.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Educational Services, Health Care, and Social Assistance (61, 62) in Minnesota (MNEDHLTHSOCASSRGSP), retrieved from FRED.