Gross Domestic Product: Trade (42, 44-45) in Minnesota
MNTRADENGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
66,206.80
Year-over-Year Change
70.79%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Trade (42, 44-45) in Minnesota measure represents the economic activity in the trade sector of Minnesota's economy. This metric is important for understanding the state's economic performance and trade dynamics.
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: Trade (42, 44-45) in Minnesota tracks the total economic output generated by the trade industry, which includes wholesale and retail trade, in the state. It provides insights into the strength and trends of Minnesota's trade-related economic activities.
Methodology
This data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
Policymakers and economists use this metric to assess the health and competitiveness of Minnesota's trade sector and its impact on the overall state economy.
Key Facts
- Minnesota's trade sector accounts for a significant portion of its GDP.
- The trade industry is a major employer in the state.
- Trends in this metric reflect the overall health of Minnesota's economy.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Trade (42, 44-45) in Minnesota measures the total economic output generated by the trade industry, including wholesale and retail trade, in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the strength and performance of Minnesota's trade sector, which is a crucial 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 income and product accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess the health and competitiveness of Minnesota's trade sector and its impact on the overall state economy, which informs economic policy decisions.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedule and potential revisions as other economic indicators released by the U.S. Bureau of Economic Analysis.
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Citation
U.S. Bureau of Economic Analysis, Gross Domestic Product: Trade (42, 44-45) in Minnesota (MNTRADENGSP), retrieved from FRED.