Gross Domestic Product: All Industry Total in Virginia
VANGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
764,474.80
Year-over-Year Change
71.79%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product (GDP) for All Industry Total in Virginia measures the total economic output of the state. It is a key indicator of Virginia's economic health and a crucial metric for policymakers and analysts.
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 market value of all goods and services produced within Virginia's borders. It is widely used to assess the state's economic performance and growth over time, providing insights into industry trends and the overall strength of the Virginia economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using a variety of sources, including surveys and administrative records.
Historical Context
This metric is closely monitored by state and federal policymakers to inform economic and fiscal policies.
Key Facts
- Virginia's GDP reached $564 billion in 2021.
- The finance, insurance, and real estate sector is the largest contributor to Virginia's GDP.
- Virginia's GDP grew by 3.7% in 2021 after a 2.2% decline in 2020 due to the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product (GDP) for All Industry Total in Virginia measures the total economic output of the state, including all goods and services produced within its borders.
Q: Why is this trend relevant for users or analysts?
A: This metric is a crucial indicator of Virginia's economic health and performance, providing valuable insights for policymakers, businesses, and researchers analyzing the state's economic trends 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 (BEA) using a variety of sources, including surveys and administrative records.
Q: How is this trend used in economic policy?
A: Virginia's GDP data is closely monitored by state and federal policymakers to inform economic and fiscal policies, helping them assess the overall strength of the state's economy and make informed decisions.
Q: Are there update delays or limitations?
A: The GDP data for Virginia is typically released by the BEA on a quarterly basis, with some potential for minor revisions to previous estimates as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: All Industry Total in Virginia (VANGSP), retrieved from FRED.