Chain-Type Quantity Index for Real GDP: Private Services-Providing Industries in South Dakota
SDPRISERVPROQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
110.38
Year-over-Year Change
18.26%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Private Services-Providing Industries in South Dakota measures the real output of the state's private service-providing sector. This trend is a key indicator of the overall health and growth of South Dakota'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 index tracks the real, inflation-adjusted value of goods and services produced by private-sector industries in South Dakota that are not related to the production of physical goods, such as finance, healthcare, and professional services. It provides insight into the performance of the state's vital service economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach to measure real GDP.
Historical Context
This trend is closely monitored by policymakers, analysts, and businesses to assess the direction of South Dakota's economic activity and inform decision-making.
Key Facts
- South Dakota's private services sector accounts for over 60% of the state's GDP.
- The index uses 2012 as the base year for measuring real output changes.
- The trend has shown steady growth in South Dakota's service-providing industries over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted output of South Dakota's private service-providing industries, such as finance, healthcare, and professional services.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and growth of South Dakota's vital service economy, which is a key driver of the state's overall economic activity.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach to measure real GDP.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, analysts, and businesses to assess the direction of South Dakota's economic activity and inform decision-making.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis, with potential delays of a few months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Private Services-Providing Industries in South Dakota (SDPRISERVPROQGSP), retrieved from FRED.