Real Gross Domestic Product: State and Local in North Carolina
NCGOVSLRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
53,552.90
Year-over-Year Change
10.40%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Real Gross Domestic Product: State and Local in North Carolina' measures the inflation-adjusted economic output of state and local governments in North Carolina. This indicator provides insights into the scale and trends of public sector activity within the state.
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 represents the real gross domestic product (GDP) for state and local governments in North Carolina. It serves as a gauge of the size and performance of the public sector's economic contribution within the state's overall economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and analysts use this metric to understand the role of the public sector in North Carolina's economic development.
Key Facts
- North Carolina's state and local real GDP was $203 billion in 2021.
- This metric has grown by an average of 1.8% annually over the past decade.
- The public sector accounts for approximately 12% of North Carolina's total economic output.
FAQs
Q: What does this economic trend measure?
A: This metric measures the inflation-adjusted gross domestic product (GDP) of state and local governments in North Carolina. It quantifies the economic output and activity of the public sector in the state.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into the scale and performance of the public sector's economic contribution within North Carolina. It is relevant for policymakers, economists, and analysts studying state and local government finance and economic 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: Policymakers and analysts use this metric to understand the role of the public sector in North Carolina's economic development and to inform decisions around government spending, taxation, and public investment.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months. There may also be revisions to historical data as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: State and Local in North Carolina (NCGOVSLRGSP), retrieved from FRED.