Gross Domestic Product: Administrative and Support Services (561) in Mississippi
MSADMINSUPNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,802.40
Year-over-Year Change
74.81%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product (GDP) Administrative and Support Services (561) in Mississippi measures the total economic output of the administrative and support services industry in the state. This metric is important for economists and policymakers to understand the health and dynamics of Mississippi's service 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
The GDP Administrative and Support Services (561) in Mississippi represents the total value added by businesses primarily engaged in activities such as office administration, hiring and placing personnel, and providing other support services. This data provides insight into the performance and economic contribution of this key service industry within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This metric is utilized by economists, policymakers, and market analysts to assess the overall strength and competitiveness of Mississippi's service-based economy.
Key Facts
- Mississippi's GDP for Administrative and Support Services was $7.2 billion in 2021.
- This industry accounts for approximately 4.6% of the state's total GDP.
- The sector has grown by 16% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product (GDP) Administrative and Support Services (561) in Mississippi measures the total economic output of the administrative and support services industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and economic contribution of a key service industry within Mississippi, which is important for understanding the overall health and dynamics of the state's economy.
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 metric is utilized by economists, policymakers, and market analysts to assess the overall strength and competitiveness of Mississippi's service-based economy.
Q: Are there update delays or limitations?
A: The data is published regularly by the U.S. Federal Reserve, with typical update delays of a few months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Administrative and Support Services (561) in Mississippi (MSADMINSUPNGSP), retrieved from FRED.