Real Gross Domestic Product: Finance and Insurance (52) in North Dakota
NDFININSRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,517.60
Year-over-Year Change
-2.13%
Date Range
1/1/2005 - 1/1/2025
Summary
The Real Gross Domestic Product: Finance and Insurance (52) in North Dakota measures the inflation-adjusted economic output of the finance and insurance sector in the state. This trend is important for understanding the role of this industry in North Dakota's economy.
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, or inflation-adjusted, value added by the finance and insurance industry to North Dakota's overall economic production. It provides insight into the growth and performance of this key economic sector within the state.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP statistics.
Historical Context
Policymakers and analysts use this trend to assess the financial health and competitiveness of North Dakota's economy.
Key Facts
- North Dakota's finance and insurance sector accounts for over 5% of the state's total GDP.
- The finance and insurance industry is one of the fastest-growing sectors in North Dakota's economy.
- Real GDP in North Dakota's finance and insurance sector has increased by over 20% in the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the inflation-adjusted value added by the finance and insurance industry to North Dakota's overall economic output.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and growth of a key sector of North Dakota's economy, which is useful for policymakers and economic analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the financial health and competitiveness of North Dakota's economy, which can inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Bureau of Economic Analysis, but may be subject to revisions and lags in availability.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Finance and Insurance (52) in North Dakota (NDFININSRQGSP), retrieved from FRED.