Gross Domestic Product: State and Local in Virginia
VAGOVSLNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
57,679.50
Year-over-Year Change
58.56%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic indicator measures the gross domestic product (GDP) generated by state and local governments in Virginia. It provides insights into the economic activity and fiscal health of the state and local public sector.
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 Gross Domestic Product: State and Local in Virginia is a key indicator that tracks the total value of goods and services produced by state and local government entities within the Commonwealth of Virginia. It is used by economists and policymakers to assess the size and performance of the public sector's contribution to the state's overall economic output.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP by state and local area program.
Historical Context
This metric is relevant for understanding the fiscal capacity and economic influence of Virginia's state and local governments.
Key Facts
- Virginia's state and local GDP was $173 billion in 2021.
- This represents over 12% of the state's total economic output.
- The public sector accounts for a significant portion of Virginia's economy.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: State and Local in Virginia measures the total value of goods and services produced by state and local government entities within the Commonwealth of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the economic activity and fiscal health of the public sector in Virginia, which is an important component of the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by state and local area program.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this indicator to assess the size, growth, and contribution of the public sector to Virginia's economy, informing decisions on fiscal policy, government spending, and economic development strategies.
Q: Are there update delays or limitations?
A: The Gross Domestic Product: State and Local in Virginia data is published annually by the Bureau of Economic Analysis, with a typical release lag of several months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: State and Local in Virginia (VAGOVSLNGSP), retrieved from FRED.