Chain-Type Quantity Index for Real GDP: Finance and Insurance (52) in West Virginia
WVFININSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
109.09
Year-over-Year Change
6.30%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Finance and Insurance (52) in West Virginia measures the inflation-adjusted output of the finance and insurance sector in the state. This key indicator provides insights into the performance and growth of this crucial industry within West Virginia'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 Chain-Type Quantity Index for Real GDP measures the real, inflation-adjusted value of economic output for a specific industry or sector. This index allows economists to track changes in production volumes over time, adjusting for the effects of price changes. The finance and insurance sector is a significant contributor to West Virginia's GDP, making this a valuable indicator for analyzing the state's economic trends.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This index is used by policymakers, analysts, and businesses to monitor the health and growth of West Virginia's finance and insurance industry and its broader economic implications.
Key Facts
- The finance and insurance sector accounts for over 6% of West Virginia's total GDP.
- This index has shown steady growth in the state's finance and insurance output since 2010.
- West Virginia's finance and insurance sector employs over 30,000 people statewide.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Finance and Insurance (52) in West Virginia measures the inflation-adjusted output of the finance and insurance sector in the state.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into the performance and growth of a crucial industry within West Virginia's economy, allowing policymakers and businesses to monitor the health of the finance and insurance sector.
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: This index is used by policymakers, analysts, and businesses to monitor the health and growth of West Virginia's finance and insurance industry and its broader economic implications.
Q: Are there update delays or limitations?
A: The data is published on a regular schedule by the U.S. Bureau of Economic Analysis, with occasional update delays or revisions due to the complexity of national accounting measures.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Finance and Insurance (52) in West Virginia (WVFININSQGSP), retrieved from FRED.