Real Gross Domestic Product: State and Local in North Dakota
NDGOVSLRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,986.50
Year-over-Year Change
18.18%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) produced by state and local governments in North Dakota. It provides insights into the economic activity and output of the public sector in 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 Real Gross Domestic Product: State and Local in North Dakota trend represents the inflation-adjusted value of goods and services produced by state and local governments in the state. It is a key indicator of the economic contribution and performance of the public sector within North Dakota'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
This metric is used by policymakers, economists, and analysts to assess the economic health and fiscal conditions of state and local governments in North Dakota.
Key Facts
- North Dakota's state and local GDP was $21.7 billion in 2021.
- This trend has grown by an average of 3.2% annually over the past decade.
- The public sector accounts for over 12% of North Dakota's total economic output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product produced by state and local governments in North Dakota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the economic contribution and performance of the public sector within North Dakota's overall economy, which is valuable for policymakers, economists, and market analysts.
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 trend is used by policymakers, economists, and analysts to assess the economic health and fiscal conditions of state and local governments in North Dakota, which informs policy decisions.
Q: Are there update delays or limitations?
A: There may be lags of several months between the end of a reporting period and the release of the latest data for this trend.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: State and Local in North Dakota (NDGOVSLRGSP), retrieved from FRED.