Real Gross Domestic Product: Retail Trade (44-45) in North Dakota
NDRETAILRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,679.60
Year-over-Year Change
29.61%
Date Range
1/1/2005 - 1/1/2025
Summary
The Real Gross Domestic Product: Retail Trade (44-45) in North Dakota measures the total inflation-adjusted economic output of the retail trade 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
This indicator provides insight into the overall health and performance of North Dakota's retail industry, which is a key component of the state's economy. Economists and policymakers use this data to analyze regional economic trends and inform policy decisions.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chained-dollar approach to adjust for inflation.
Historical Context
Policymakers and market analysts closely monitor this metric to understand the state's economic conditions and consumer spending patterns.
Key Facts
- North Dakota's retail trade sector accounts for over 5% of the state's GDP.
- Real retail trade GDP in North Dakota has grown by an average of 3.2% annually over the past decade.
- The retail trade industry employs more than 80,000 workers in North Dakota.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the total inflation-adjusted economic output of the retail trade sector in the state of North Dakota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the overall health and performance of North Dakota's retail industry, which is a key component of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chained-dollar approach to adjust for inflation.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts closely monitor this metric to understand the state's economic conditions and consumer spending patterns, which informs policy decisions.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Retail Trade (44-45) in North Dakota (NDRETAILRQGSP), retrieved from FRED.