Gross Domestic Product: Information (51) in Minnesota
MNINFONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
16,224.90
Year-over-Year Change
47.39%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Information (51) in Minnesota series measures the economic output of the information sector in the state of Minnesota. This metric is important for understanding the performance and contribution of Minnesota's information industry to the overall state economy.
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 Information (51) sector includes industries such as publishing, telecommunications, data processing, and other information services. Tracking this series helps economists and policymakers assess the health and competitiveness of Minnesota's information-based businesses and their role in the state's economic growth.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis as part of their Gross Domestic Product by State program.
Historical Context
This economic indicator provides insight into Minnesota's technology and knowledge-based industries, which are often targeted for economic development initiatives.
Key Facts
- Minnesota's information sector accounts for over 5% of the state's total GDP.
- This industry has experienced steady growth in Minnesota over the past decade.
- The information sector is a key driver of innovation and high-skilled employment in the state.
FAQs
Q: What does this economic trend measure?
A: This series measures the gross domestic product (GDP) of the information sector, including industries like publishing, telecommunications, and data processing, within the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: Tracking the performance of Minnesota's information sector is important for understanding the state's economic composition, competitiveness, and development prospects in knowledge-based industries.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis as part of their Gross Domestic Product by State program.
Q: How is this trend used in economic policy?
A: Policymakers and economic development agencies can use this data to inform strategies for supporting and growing Minnesota's information-based businesses and high-tech workforce.
Q: Are there update delays or limitations?
A: This series is published annually by the U.S. Bureau of Economic Analysis, with a lag of several months after the end of the reference year.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Information (51) in Minnesota (MNINFONGSP), retrieved from FRED.