Real Gross Domestic Product: Government and Government Enterprises (92) in Minnesota
MNGOVRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
37,743.90
Year-over-Year Change
10.98%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the real gross domestic product (GDP) of the government and government enterprises sector in Minnesota. It provides insights into the economic contribution and performance of the public sector in 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: Government and Government Enterprises (92) in Minnesota series tracks the inflation-adjusted value added by the government and government enterprises industry in the state's economy. This metric is used by economists and policymakers to assess the public sector's role and influence on overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using the income approach to measuring GDP.
Historical Context
This trend is relevant for understanding the fiscal and economic policy landscape in Minnesota, as well as the state's public sector performance relative to the private sector.
Key Facts
- Minnesota's government and government enterprises sector accounts for approximately 12% of the state's total GDP.
- Real GDP in this sector has grown by an average of 2.5% annually over the past decade.
- The public sector's contribution to Minnesota's economy is higher than the national average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) generated by the government and government enterprises sector in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the economic role and performance of the public sector in Minnesota, which can inform fiscal and policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using the income approach to measuring GDP.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to assess the state's public sector contribution to overall economic activity and guide fiscal and policy decisions.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month delay from the end of the reference period.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Government and Government Enterprises (92) in Minnesota (MNGOVRGSP), retrieved from FRED.