Real Gross Domestic Product: Insurance Carriers and Related Activities (524) in North Carolina
NCINSCRARGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
14,088.70
Year-over-Year Change
108.61%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Insurance Carriers and Related Activities (524) in North Carolina' series measures the inflation-adjusted economic output of the insurance industry in North Carolina. This trend is important for understanding the state's economic growth and the performance of a key 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
This series tracks the real GDP, or inflation-adjusted economic output, of the insurance carriers and related activities industry (NAICS code 524) within the state of North Carolina. It provides insight into the scale and productivity of this significant service industry in the state's 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 trend to assess the health and competitiveness of North Carolina's insurance industry and its contribution to the state's overall economic performance.
Key Facts
- North Carolina's insurance industry accounts for over 3% of the state's total GDP.
- The insurance sector employs more than 130,000 people in North Carolina.
- Real GDP in the state's insurance industry has grown by over 20% in the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted GDP or economic output of the insurance carriers and related activities industry in the state of North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the scale, productivity, and competitiveness of a key service sector in North Carolina'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: Policymakers and analysts use this trend to assess the health and performance of North Carolina's insurance industry and its contribution to the state's overall economic growth.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Insurance Carriers and Related Activities (524) in North Carolina (NCINSCRARGSP), retrieved from FRED.