Real Gross Domestic Product: Government and Government Enterprises (92) in Virginia
VAGOVRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
99,097.00
Year-over-Year Change
7.71%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the government and government enterprises sector in Virginia. It provides insights into the economic activity and contribution of the public sector 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: Government and Government Enterprises (92) in Virginia series represents the inflation-adjusted value added by the government and government enterprises industry to the overall state GDP. This metric is a key indicator of the public sector's economic performance and role within Virginia's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
Policymakers and analysts use this trend to evaluate the fiscal health and economic impact of the government sector in Virginia.
Key Facts
- The government and government enterprises sector accounts for approximately 16% of Virginia's total GDP.
- Real government GDP in Virginia has grown by an average of 2.1% annually over the past decade.
- The public sector is a significant driver of economic activity in Virginia, rivaling other major industries like technology and manufacturing.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) contributed by the government and government enterprises sector in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the economic footprint and performance of the public sector in Virginia, which is a key component of the state's overall economic activity and growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard national income and product accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the fiscal health, economic impact, and policy implications of the government sector in Virginia.
Q: Are there update delays or limitations?
A: The data is released on a quarterly basis by the U.S. Bureau of Economic Analysis, with a typical lag of 2-3 months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Government and Government Enterprises (92) in Virginia (VAGOVRGSP), retrieved from FRED.