Gross Domestic Product: Federal Civilian in Minnesota
MNGOVFEDCIVNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,766.40
Year-over-Year Change
69.69%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Gross Domestic Product: Federal Civilian in Minnesota' series measures the total economic output generated by the federal civilian government sector in the state of Minnesota. This metric is crucial for understanding the role of government activity in the state's economic performance.
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 series represents the total market value of all final goods and services produced by the federal civilian government in Minnesota. It is a key component of the state's overall gross domestic product (GDP) and provides insight into the size and impact of the public sector on the regional economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using established national accounting principles.
Historical Context
Policymakers and analysts use this metric to assess the contribution of the federal government to Minnesota's economic growth and development.
Key Facts
- Minnesota's federal civilian GDP was $13.9 billion in 2021.
- This sector accounts for approximately 2.9% of the state's total GDP.
- The federal civilian government is the third-largest employer in Minnesota.
FAQs
Q: What does this economic trend measure?
A: This series measures the total economic output generated by the federal civilian government sector in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the size and impact of the public sector on Minnesota's regional economy, which is crucial for understanding the state's overall economic performance and growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the contribution of the federal government to Minnesota's economic growth and development, which informs decision-making and policy formulation.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several quarters, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Federal Civilian in Minnesota (MNGOVFEDCIVNGSP), retrieved from FRED.