Real Gross Domestic Product: State and Local in West Virginia
WVGOVSLRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,672.90
Year-over-Year Change
-6.73%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) generated by state and local governments in West Virginia. It is an important indicator of the overall economic health and fiscal conditions within the state.
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 Gross Domestic Product: State and Local in West Virginia series represents the total value of goods and services produced by state and local government entities in the state, adjusted for inflation. It provides insights into the size and growth of the public sector's economic contribution.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP by state and local area program.
Historical Context
This trend is closely monitored by policymakers, economists, and analysts to assess the fiscal stability and economic performance of West Virginia's state and local governments.
Key Facts
- West Virginia's state and local GDP accounts for approximately 12% of the state's total economic output.
- Real state and local GDP in West Virginia has grown by an average of 1.5% annually over the past decade.
- The public sector makes up a larger share of West Virginia's economy compared to the national average.
FAQs
Q: What does this economic trend measure?
A: The Real Gross Domestic Product: State and Local in West Virginia series measures the total economic output generated by state and local government entities within the state, adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the fiscal health and economic contribution of the public sector in West Virginia, which is crucial information for policymakers, economists, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP by state and local area program.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, economists, and analysts to assess the fiscal stability and economic performance of West Virginia's state and local governments, which informs policy decisions and budgetary planning.
Q: Are there update delays or limitations?
A: The Real Gross Domestic Product: State and Local in West Virginia data is published quarterly with a lag of approximately 3 months, which may limit its real-time usefulness for some applications.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: State and Local in West Virginia (WVGOVSLRGSP), retrieved from FRED.