Real Gross Domestic Product: Health Care and Social Assistance (62) in Minnesota
MNHLTHSOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39,705.30
Year-over-Year Change
40.59%
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 Minnesota. It provides insights into the economic performance and contribution of this critical industry.
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 Minnesota series tracks the inflation-adjusted value-added output of the health care and social assistance sector in the state. It is a key indicator for understanding the role of this industry in Minnesota's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using the North American Industry Classification System (NAICS).
Historical Context
This trend is widely used by policymakers, economists, and industry analysts to assess the health and economic impact of the health care sector in Minnesota.
Key Facts
- Minnesota's health care and social assistance sector accounts for over 10% of the state's GDP.
- The real GDP of this sector has grown steadily over the past decade.
- The COVID-19 pandemic had a significant impact on the industry's output in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the inflation-adjusted gross domestic product (real GDP) of the health care and social assistance sector 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 contribution of the health care industry, which is a critical sector in Minnesota'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 the North American Industry Classification System (NAICS).
Q: How is this trend used in economic policy?
A: Policymakers, economists, and industry analysts use this trend to assess the health and economic impact of the health care sector in Minnesota, which informs policy decisions and economic strategies.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Health Care and Social Assistance (62) in Minnesota (MNHLTHSOCASSRGSP), retrieved from FRED.