Gross Domestic Product: Finance and Insurance (52) in North Dakota
NDFININSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,516.80
Year-over-Year Change
58.04%
Date Range
1/1/1997 - 1/1/2024
Summary
This series measures the gross domestic product (GDP) of the finance and insurance sector in North Dakota. It provides valuable insights into the economic performance and growth of this key industry 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
The GDP of the finance and insurance sector in North Dakota is an important indicator of the state's economic health and competitiveness. It reflects the overall productivity and contribution of this sector to the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its comprehensive GDP reporting.
Historical Context
This economic trend is closely monitored by policymakers, investors, and analysts to understand the dynamics of North Dakota's finance and insurance industry.
Key Facts
- North Dakota's finance and insurance sector accounts for over 5% of the state's total GDP.
- The sector has experienced steady growth in recent years, outpacing the overall state economy.
- The finance and insurance industry is a significant employer in North Dakota, accounting for over 20,000 jobs.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the finance and insurance sector in the state of North Dakota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and contribution of the finance and insurance industry to North Dakota's economy, which is crucial for policymakers, investors, and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its comprehensive GDP reporting.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers in North Dakota to understand the dynamics of the state's finance and insurance sector and inform economic development strategies.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Bureau of Economic Analysis, and there may be slight delays in the availability of the most recent figures.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Finance and Insurance (52) in North Dakota (NDFININSNGSP), retrieved from FRED.