Real Gross Domestic Product: Private Industries in Virginia
VAPIRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
523,207.00
Year-over-Year Change
9.02%
Date Range
1/1/2005 - 1/1/2025
Summary
The Real Gross Domestic Product (GDP) for Private Industries in Virginia measures the total output of private-sector economic activity in the state, adjusted for inflation. This metric is crucial for understanding regional economic growth 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
Real GDP for Private Industries in Virginia tracks the total value-added by the state's private-sector businesses and enterprises, excluding government activities. It is a key indicator of the underlying strength and productivity of Virginia's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using income, expenditure, and production data from various sources.
Historical Context
Policymakers and analysts use this metric to assess the health and direction of Virginia's economy relative to the broader U.S. trends.
Key Facts
- Virginia's private sector GDP accounts for over 80% of the state's total economic output.
- Real private GDP in Virginia grew by 3.2% in 2021, outpacing the national average.
- The finance, insurance, and real estate industries are the largest contributors to Virginia's private GDP.
FAQs
Q: What does this economic trend measure?
A: The Real Gross Domestic Product (GDP) for Private Industries in Virginia measures the total output of private-sector economic activity in the state, adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for understanding regional economic growth and performance, as it provides insights into the underlying strength and productivity of Virginia's private-sector economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using income, expenditure, and production data from various sources.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the health and direction of Virginia's economy relative to the broader U.S. trends, informing economic policies and investment decisions.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Industries in Virginia (VAPIRQGSP), retrieved from FRED.