Real Gross Domestic Product: Monetary Authorities-Central Bank, Credit Intermediation, and Related Services (521-522) in South Carolina
SCFRBCIRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,209.10
Year-over-Year Change
-14.16%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the monetary authorities, credit intermediation, and related services industry in South Carolina. It is an important indicator of the financial sector's contribution 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 Gross Domestic Product: Monetary Authorities-Central Bank, Credit Intermediation, and Related Services (521-522) in South Carolina series tracks the inflation-adjusted output of this key industry within the state's economy. It provides insights into the financial services sector's performance and growth.
Methodology
The data is collected and calculated by the U.S. Federal Reserve using national income and product accounts (NIPA) methodology.
Historical Context
This trend is used by economists, policymakers, and market analysts to assess the health and contribution of South Carolina's financial services industry.
Key Facts
- The financial services industry accounts for over 7% of South Carolina's GDP.
- This trend has shown steady growth over the past decade.
- South Carolina's financial sector outperformed the national average in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the monetary authorities, credit intermediation, and related financial services industry in the state of South Carolina.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and contribution of South Carolina's financial services sector, which is a key component of the state's overall economic activity.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Federal Reserve using national income and product accounts (NIPA) methodology.
Q: How is this trend used in economic policy?
A: Economists, policymakers, and market analysts use this trend to assess the health and growth of South Carolina's financial services industry, which informs economic and financial policy decisions.
Q: Are there update delays or limitations?
A: There may be some lag in the data due to the time required for collection and analysis, but the Federal Reserve makes efforts to provide timely and reliable information.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Monetary Authorities-Central Bank, Credit Intermediation, and Related Services (521-522) in South Carolina (SCFRBCIRGSP), retrieved from FRED.