Chain-Type Quantity Index for Real GDP: Insurance Carriers and Related Activities (524) in North Dakota
NDINSCRAQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
91.97
Year-over-Year Change
15.13%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Insurance Carriers and Related Activities (524) in North Dakota measures the inflation-adjusted output of the insurance industry in the state. This metric is a key indicator of economic activity and productivity in a critical 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
The Chain-Type Quantity Index tracks the real volume of goods and services produced by North Dakota's insurance industry over time, adjusting for price changes. This helps analysts and policymakers understand the sector's contribution to the state's overall economic growth.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach.
Historical Context
This index provides insight into the performance and health of North Dakota's insurance markets, which is relevant for regulators, investors, and businesses.
Key Facts
- North Dakota's insurance industry accounts for over 2% of the state's GDP.
- The index has grown by an average of 3.5% annually over the past decade.
- Insurance is one of the fastest-growing sectors of North Dakota's economy.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Insurance Carriers and Related Activities (524) in North Dakota measures the inflation-adjusted output of the insurance industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and health of North Dakota's insurance markets, which is relevant for regulators, investors, and businesses.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach.
Q: How is this trend used in economic policy?
A: This index is used by economists and policymakers to understand the insurance industry's contribution to North Dakota's overall economic growth and development.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical 2-3 month delay.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Insurance Carriers and Related Activities (524) in North Dakota (NDINSCRAQGSP), retrieved from FRED.