Real Gross Domestic Product: Finance and Insurance (52) in Pennsylvania
PAFININSRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
53,660.70
Year-over-Year Change
5.22%
Date Range
1/1/2005 - 1/1/2025
Summary
The 'Real Gross Domestic Product: Finance and Insurance (52) in Pennsylvania' series measures the inflation-adjusted output of the finance and insurance industry in Pennsylvania. It provides insights into the economic performance and productivity of this key 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
This economic indicator tracks the real, or inflation-adjusted, value added by the finance and insurance industry in Pennsylvania. It is an important measure of the sector's contribution to the state's overall economic activity and growth.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP figures.
Historical Context
Policymakers and analysts use this metric to assess the relative strength and competitiveness of Pennsylvania's finance and insurance industry.
Key Facts
- Pennsylvania's finance and insurance sector accounts for over 7% of the state's GDP.
- The industry employs nearly 300,000 workers in Pennsylvania.
- Real GDP in the finance and insurance sector has grown by over 20% in the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted value added by the finance and insurance industry in the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the productivity and economic contribution of a critical industry in Pennsylvania, helping policymakers and researchers assess the state's economic performance and competitiveness.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP figures.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to evaluate the relative strength and competitiveness of Pennsylvania's finance and insurance sector, which can inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: There may be lags of several months before the latest data is available, and the figures are subject to periodic revisions by the statistical agencies.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Finance and Insurance (52) in Pennsylvania (PAFININSRQGSP), retrieved from FRED.