Chain-Type Quantity Index for Real GDP: Military in Alabama
ALGOVFEDMILQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
109.49
Year-over-Year Change
7.31%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Military in Alabama measures the inflation-adjusted value of military-related economic output in the state. This metric is important for understanding the role of the defense sector in Alabama's overall economic 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 index tracks changes in the real, volume-adjusted value of goods and services produced by the military in Alabama. It is a key indicator of the defense industry's contribution to the state's gross domestic product and economic growth.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using survey information and national accounts data.
Historical Context
Policymakers and analysts use this metric to assess the economic importance of the military in Alabama relative to other industries and states.
Key Facts
- The military accounts for over 15% of Alabama's GDP.
- This index has grown by 25% over the past decade.
- Defense spending is a major driver of economic activity in the state.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Military in Alabama measures the inflation-adjusted value of military-related economic output in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the role of the defense sector in Alabama's overall economic activity and growth.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using survey information and national accounts data.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the economic importance of the military in Alabama relative to other industries and states.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Military in Alabama (ALGOVFEDMILQGSP), retrieved from FRED.