Gross Domestic Product: All Industry Total in Utah
UTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
300,903.80
Year-over-Year Change
132.48%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product (GDP) All Industry Total in Utah measures the total economic output of all industries within the state. It serves as a key indicator of Utah's overall economic health and performance.
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
GDP All Industry Total represents the total value of goods and services produced in Utah, adjusted for inflation. It is a comprehensive measure of economic activity used by policymakers, analysts, and businesses to assess the state's economic growth, productivity, and industry trends.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using various surveys and statistical models.
Historical Context
Trends in Utah's GDP All Industry Total are closely monitored by economists and policymakers to inform economic and fiscal policies.
Key Facts
- Utah's GDP All Industry Total was $218 billion in 2021.
- The state's GDP grew by 4.7% in 2021 compared to the previous year.
- The finance, insurance, real estate, rental, and leasing sector accounts for the largest share of Utah's GDP.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product (GDP) All Industry Total in Utah measures the total economic output of all industries within the state, providing a comprehensive view of Utah's overall economic activity.
Q: Why is this trend relevant for users or analysts?
A: Trends in Utah's GDP All Industry Total are closely monitored by economists, policymakers, and businesses to assess the state's economic growth, productivity, and industry performance, which informs economic and fiscal policies.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using various surveys and statistical models.
Q: How is this trend used in economic policy?
A: Trends in Utah's GDP All Industry Total are used by policymakers and economists to inform economic and fiscal policies, as the measure provides a comprehensive view of the state's overall economic health and performance.
Q: Are there update delays or limitations?
A: The GDP All Industry Total data for Utah is typically updated quarterly by the U.S. Bureau of Economic Analysis, with a lag of several months between the end of the reference period and the data release.
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Citation
U.S. Federal Reserve, Gross Domestic Product: All Industry Total in Utah (UTNGSP), retrieved from FRED.