Real Gross Domestic Product: Other Services (Except Government and Government Enterprises) (81) in North Dakota
NDOTHSERVERGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
924.30
Year-over-Year Change
0.90%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) for the other services (except government and government enterprises) sector in North Dakota. It provides insight into the performance and contribution of this service industry to the state's overall economic activity.
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 GDP for other services (except government and government enterprises) in North Dakota is a key indicator of the strength and growth of the state's private service-providing industries, which are an important component of the overall economy. This data series is used by economists and policymakers to analyze the state's economic composition and identify trends in the service sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounts (NIPA) methodologies.
Historical Context
This economic trend is relevant for understanding North Dakota's economic structure and informing policy decisions that affect the service sector.
Key Facts
- Other services account for about 5% of North Dakota's GDP.
- This sector includes industries like personal care, repair and maintenance, and religious/civic organizations.
- Real other services GDP in North Dakota has grown by an average of 2.5% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) for the other services (except government and government enterprises) sector in North Dakota. It provides insight into the performance and contribution of this service industry to the state's overall economic activity.
Q: Why is this trend relevant for users or analysts?
A: This economic trend is relevant for understanding North Dakota's economic structure and informing policy decisions that affect the service sector. It is used by economists and policymakers to analyze the state's economic composition and identify trends in the service industry.
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 income and product accounts (NIPA) methodologies.
Q: How is this trend used in economic policy?
A: This economic trend is used by policymakers and analysts to understand the performance and contribution of North Dakota's service sector to the overall state economy, which can inform policy decisions affecting the private service-providing industries.
Q: Are there update delays or limitations?
A: The data is subject to the standard update schedule and potential revisions of the U.S. Bureau of Economic Analysis, which may result in some delay between the reference period and data publication.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Other Services (Except Government and Government Enterprises) (81) in North Dakota (NDOTHSERVERGSP), retrieved from FRED.