Gross Domestic Product: Private Services-Providing Industries in Tennessee
TNPRISERVPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
399,261.40
Year-over-Year Change
103.64%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Private Services-Providing Industries in Tennessee measures the economic output of the private services sector in the state. This metric is a key indicator of Tennessee's overall economic health and productivity.
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 series represents the total inflation-adjusted value added by private services industries in Tennessee, including sectors like finance, real estate, professional services, and healthcare. It provides insights into the composition and performance of the state's economy beyond just manufacturing and goods production.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Historical Context
Policymakers and analysts use this measure to assess the strength of Tennessee's service-based economy and inform decisions around economic development and fiscal policy.
Key Facts
- Tennessee's private services sector accounts for over 60% of the state's GDP.
- The services-providing industries have seen steady growth in recent years.
- This metric excludes government and agricultural activities.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Private Services-Providing Industries in Tennessee measures the total economic output of private service-based industries in the state, excluding goods production and government.
Q: Why is this trend relevant for users or analysts?
A: This metric provides crucial insights into the composition and performance of Tennessee's economy, which is increasingly driven by services rather than manufacturing. It helps policymakers and businesses understand the state's economic strengths and development opportunities.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using surveys, economic modeling, and other statistical methods.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this measure to assess the health and competitiveness of Tennessee's service-based industries, which are important for driving economic growth, employment, and tax revenue in the state.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months. There may also be revisions to historical data as more information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Private Services-Providing Industries in Tennessee (TNPRISERVPRONGSP), retrieved from FRED.