Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Tennessee
TNMISCPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
21,765.80
Year-over-Year Change
99.73%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in Tennessee. It is an important indicator of economic activity and productivity in the state.
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: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Tennessee is a measure of the inflation-adjusted output of this sector, which includes services such as legal, accounting, architecture, engineering, and consulting. This data helps analysts and policymakers understand the health and growth of a key part of the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
This metric is used by economists, businesses, and policymakers to evaluate the performance and competitiveness of Tennessee's professional services industry.
Key Facts
- Tennessee's professional services sector accounts for over 8% of the state's GDP.
- This industry has seen steady growth of around 3% annually over the past decade.
- The miscellaneous professional services segment makes up the largest share of this industry in Tennessee.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in the state of Tennessee.
Q: Why is this trend relevant for users or analysts?
A: This metric helps analysts and policymakers understand the health and growth of a key part of Tennessee's economy, providing insights into the performance and competitiveness of the state's professional services industry.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Q: How is this trend used in economic policy?
A: This metric is used by economists, businesses, and policymakers to evaluate the performance and competitiveness of Tennessee's professional services industry, which is an important part of the state's economy.
Q: Are there update delays or limitations?
A: There may be some delay in the release of this data, as it is part of the comprehensive set of national and state-level economic accounts produced by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Tennessee (TNMISCPRORGSP), retrieved from FRED.