Gross Domestic Product: Private Industries in Pennsylvania
PAPINGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
935,553.60
Year-over-Year Change
61.14%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product (GDP) for Private Industries in Pennsylvania measures the economic output of the state's private sector. This key indicator provides insights into Pennsylvania's economic performance and growth.
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 GDP for Private Industries in Pennsylvania represents the total value added by the state's private businesses and organizations, excluding the public sector. It is a important statistic used by economists and policymakers to assess the strength and trajectory of Pennsylvania's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using information from surveys and other economic sources.
Historical Context
Trends in Pennsylvania's private industry GDP are closely watched by investors, analysts, and state officials for their implications on employment, consumer spending, and fiscal policy.
Key Facts
- Pennsylvania's private industries account for over 80% of the state's total GDP.
- The private GDP trend helps indicate the overall health of Pennsylvania's economy.
- Data on private industry GDP is released quarterly by the U.S. Bureau of Economic Analysis.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product (GDP) for Private Industries in Pennsylvania measures the total economic output of the state's private sector, excluding government activity.
Q: Why is this trend relevant for users or analysts?
A: Trends in Pennsylvania's private industry GDP provide important insights into the strength and growth of the state's economy, which is useful for investors, policymakers, and other economic analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using information from various economic surveys and sources.
Q: How is this trend used in economic policy?
A: Private industry GDP trends in Pennsylvania are closely monitored by state officials and policymakers to assess the overall health of the economy and inform decisions around fiscal policy, regulation, and economic development initiatives.
Q: Are there update delays or limitations?
A: The private industry GDP data for Pennsylvania is released quarterly by the U.S. Bureau of Economic Analysis, so there may be a several month delay between the end of a reporting period and the availability of the latest figures.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Private Industries in Pennsylvania (PAPINGSP), retrieved from FRED.