Real Gross Domestic Product: Other Services (Except Government and Government Enterprises) (81) in Wisconsin
WIOTHSERVERGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,885.70
Year-over-Year Change
2.30%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the other services (except government and government enterprises) sector in Wisconsin. It provides insights into the performance of this important component of the state's economy.
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 GDP of the other services (except government and government enterprises) sector in Wisconsin reflects the output and growth of a diverse range of industries, including personal services, repair and maintenance, and other miscellaneous services. This trend is a key indicator of economic activity and can help policymakers and analysts understand the broader performance of Wisconsin's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of its comprehensive GDP reporting for U.S. states and territories.
Historical Context
Analysts and policymakers use this trend to assess the health and dynamics of Wisconsin's service-based industries, which play a significant role in the state's economic landscape.
Key Facts
- Other services account for around 4% of Wisconsin's total GDP.
- This sector has grown at an average annual rate of 2.5% over the past decade.
- The COVID-19 pandemic had a significant impact on other services in Wisconsin, with a 5.2% decline in real GDP in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the other services (except government and government enterprises) sector in the state of Wisconsin.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and growth of a diverse range of service-based industries in Wisconsin, which are an important part of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of its comprehensive GDP reporting for U.S. states and territories.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this trend to assess the health and dynamics of Wisconsin's service-based industries, which can inform economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedule and potential revisions as the BEA's broader GDP reporting for U.S. states, which may result in some delays compared to more frequently released national-level data.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Other Services (Except Government and Government Enterprises) (81) in Wisconsin (WIOTHSERVERGSP), retrieved from FRED.