Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Minnesota
MNPROSCITCHRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
31,940.20
Year-over-Year Change
70.25%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the professional, scientific, and technical services sector in Minnesota. It provides insights into the performance and growth of this critical industry in the state's 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 real GDP of the professional, scientific, and technical services sector in Minnesota is a key indicator of economic activity and productivity in this important industry. It is used by economists and policymakers to analyze the state's economic composition and competitiveness.
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 understanding the role of knowledge-intensive industries in Minnesota's economic landscape and informing policy decisions.
Key Facts
- Minnesota's professional, scientific, and technical services sector accounts for over 8% of the state's total GDP.
- This industry has experienced steady growth, outpacing the overall state economy in recent years.
- The sector includes diverse fields such as legal services, accounting, engineering, and computer systems design.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the professional, scientific, and technical services sector in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and growth of a critical industry in Minnesota's economy, which is useful for economic analysis and policymaking.
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: This trend is relevant for understanding the role of knowledge-intensive industries in Minnesota's economic landscape and informing policy decisions.
Q: Are there update delays or limitations?
A: The data is subject to the same update and revision schedule as other economic indicators published by the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Minnesota (MNPROSCITCHRGSP), retrieved from FRED.