Real Gross Domestic Product: Trade (42, 44-45) in Virginia
VATRADERGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
56,819.80
Year-over-Year Change
31.87%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Real Gross Domestic Product: Trade (42, 44-45) in Virginia' series measures the economic output of the trade sector in Virginia, adjusted for inflation. This trend is a key indicator of the state's economic health and business activity.
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
This data series represents the real gross domestic product (GDP) originating in the trade sector, which includes wholesale and retail trade, in the state of Virginia. It is a crucial measure for analyzing regional economic performance and the strength of consumer spending and business investment.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and economists closely monitor this trend to gauge the overall business climate and consumer demand in Virginia.
Key Facts
- Virginia's trade sector accounts for over 20% of its total GDP.
- This metric has grown by an average of 2.5% annually over the past decade.
- Trade GDP is a leading indicator of broader economic conditions in the state.
FAQs
Q: What does this economic trend measure?
A: This data series measures the real gross domestic product (GDP) originating in the trade sector, including wholesale and retail trade, within the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: The trade GDP trend is a key indicator of business and consumer activity in Virginia, providing insights into the state's overall economic performance and growth potential.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor this trend to gauge the overall business climate and consumer demand in Virginia, which informs decision-making and policy development.
Q: Are there update delays or limitations?
A: The data is typically released on a quarterly basis with a lag of several months, reflecting the time required for comprehensive data collection and analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Trade (42, 44-45) in Virginia (VATRADERGSP), retrieved from FRED.