Real Gross Domestic Product: Private Industries in Minnesota
MNPIRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
357,952.80
Year-over-Year Change
3.49%
Date Range
1/1/2005 - 1/1/2025
Summary
The Real Gross Domestic Product: Private Industries in Minnesota measures the inflation-adjusted economic output of private industries in the state of Minnesota. This important metric provides insights into the overall health and growth of Minnesota's private sector.
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 tracks the real GDP, or inflation-adjusted economic output, generated by private companies and industries operating within the state of Minnesota. It is a key indicator used by economists and policymakers to assess the performance and trends of Minnesota's private economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Trends in Minnesota's private sector GDP are closely monitored by state and federal officials to inform economic policies and investment decisions.
Key Facts
- Minnesota's private GDP accounts for over 80% of the state's total economic output.
- Private sector GDP growth has outpaced the national average in Minnesota over the past decade.
- The finance, insurance, and real estate industries are the largest contributors to Minnesota's private GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) generated by private industries and companies operating within the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides crucial insights into the performance and growth of Minnesota's private sector economy, which is a key driver of the state's overall economic health and development.
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: Trends in Minnesota's private sector GDP are closely monitored by state and federal officials to inform economic policies, investment decisions, and assessments of the state's economic competitiveness.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to periodic revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Industries in Minnesota (MNPIRQGSP), retrieved from FRED.