Gross Domestic Product: Retail Trade (44-45) in Minnesota
MNRETAILNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
29,768.40
Year-over-Year Change
89.77%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Retail Trade (44-45) in Minnesota measures the total economic output of the retail trade industry in the state. This important metric provides insight into consumer spending patterns and the overall health of Minnesota'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 Gross Domestic Product: Retail Trade (44-45) in Minnesota represents the total value-added by the retail trade sector to the state's gross domestic product. Economists and policymakers closely monitor this trend to understand consumer confidence, inflationary pressures, and the broader economic conditions in Minnesota.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys and administrative records.
Historical Context
Retail trade is a significant component of Minnesota's economy, and this metric is used to inform fiscal and monetary policy decisions.
Key Facts
- Minnesota's retail trade sector accounts for approximately 12% of the state's GDP.
- Retail sales in Minnesota have grown by an average of 3.5% annually over the past decade.
- The COVID-19 pandemic led to a 7.2% decline in Minnesota's retail trade GDP in 2020.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Retail Trade (44-45) in Minnesota measures the total economic output of the retail trade industry in the state, including sales of goods and services.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into consumer spending patterns and the overall health of Minnesota's economy, which is crucial information for policymakers, businesses, and investors.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys and administrative records.
Q: How is this trend used in economic policy?
A: Retail trade is a significant component of Minnesota's economy, and this metric is used to inform fiscal and monetary policy decisions at the state and federal levels.
Q: Are there update delays or limitations?
A: The data is typically released with a 2-3 month lag, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Retail Trade (44-45) in Minnesota (MNRETAILNGSP), retrieved from FRED.