Gross Domestic Product: Government and Government Enterprises (92) in Ohio
OHGOVNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
91,723.80
Year-over-Year Change
44.97%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product (GDP) of government and government enterprises in Ohio measures the economic output of the public sector in the state. It is a key indicator for policymakers and economists to assess the size and role of government in Ohio'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
This series represents the total value added by government and government enterprises in Ohio, including federal, state, and local government agencies. It is used to analyze the contribution of the public sector to the state's overall economic activity and growth.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a variety of government and private sector sources.
Historical Context
Tracking this GDP component helps policymakers evaluate the fiscal and economic impacts of government spending and policies in Ohio.
Key Facts
- Government and government enterprises account for over 10% of Ohio's total GDP.
- Ohio's government GDP has grown by an average of 2.5% annually over the past decade.
- The public sector is a major employer in Ohio, comprising nearly 15% of the state's workforce.
FAQs
Q: What does this economic trend measure?
A: This series measures the gross domestic product (GDP) generated by government and government enterprises in the state of Ohio.
Q: Why is this trend relevant for users or analysts?
A: Tracking the government GDP in Ohio provides important insights into the size and role of the public sector in the state's economy, which is useful for policymakers and economists.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a variety of government and private sector sources.
Q: How is this trend used in economic policy?
A: Monitoring the government GDP in Ohio helps policymakers evaluate the fiscal and economic impacts of government spending and policies in the state.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical lag of 3 months, and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Government and Government Enterprises (92) in Ohio (OHGOVNGSP), retrieved from FRED.