Real Gross Domestic Product: Insurance Carriers and Related Activities (524) in Minnesota
MNINSCRARGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
16,117.60
Year-over-Year Change
37.85%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the insurance carriers and related activities sector in Minnesota. It provides insight into the economic performance and growth of this important industry 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: Insurance Carriers and Related Activities (524) in Minnesota series tracks the inflation-adjusted output of the insurance industry in Minnesota. This metric is used by economists and policymakers to analyze the state's economic health and competitiveness in this key service sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is relevant for assessing the insurance industry's contribution to Minnesota's overall economic activity and identifying growth or recessionary patterns.
Key Facts
- Minnesota's insurance sector accounts for over 3% of the state's total GDP.
- This industry employs more than 60,000 people in Minnesota.
- Insurance-related activities have seen steady growth in Minnesota over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the insurance carriers and related activities sector in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and growth of Minnesota's insurance industry, which is an important component of the state's overall economic activity.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the insurance industry's contribution to Minnesota's economy and identify growth or recessionary patterns that may inform economic development strategies.
Q: Are there update delays or limitations?
A: There may be lags of several months between the end of a reporting period and the release of the latest data for this trend.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Insurance Carriers and Related Activities (524) in Minnesota (MNINSCRARGSP), retrieved from FRED.