Gross Domestic Product: Information (51) in North Dakota
NDINFONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,639.20
Year-over-Year Change
43.97%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) of the information industry (NAICS 51) in the state of North Dakota. It provides insights into the economic activity and performance of this key sector within the state'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
The GDP of the information industry in North Dakota reflects the total value of goods and services produced by businesses in this sector, which includes publishing, telecommunications, data processing, and other information-related activities. This metric is used by economists and policymakers to assess the growth, competitiveness, and structural changes within North Dakota's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This economic trend is relevant for understanding North Dakota's economic diversification and the role of the information industry in the state's overall economic performance.
Key Facts
- North Dakota's information industry GDP was $4.6 billion in 2021.
- The information sector accounts for approximately 6% of North Dakota's total GDP.
- This economic trend has shown steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the information industry (NAICS 51) in the state of North Dakota, providing insights into the economic activity and performance of this key sector.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for understanding North Dakota's economic diversification and the role of the information industry in the state's overall economic performance.
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 economists and policymakers to assess the growth, competitiveness, and structural changes within North Dakota's economy, particularly in the information industry sector.
Q: Are there update delays or limitations?
A: The data is updated regularly by the U.S. Bureau of Economic Analysis, but there may be occasional delays or limitations in data availability.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Information (51) in North Dakota (NDINFONGSP), retrieved from FRED.