Gross Domestic Product: State and Local in Alabama
ALGOVSLNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
31,692.50
Year-over-Year Change
58.14%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Gross Domestic Product: State and Local in Alabama' metric measures the economic output of state and local government entities in the state of Alabama. This data provides insights into the role of public sector activity in the state's overall economic performance.
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 economic series represents the gross domestic product (GDP) contribution of state and local government agencies in Alabama. It is used by economists and policymakers to analyze the relative size and growth of the public sector within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive state GDP accounts.
Historical Context
This metric is valuable for understanding the fiscal and economic conditions in Alabama, and how government spending and activity may impact broader state-level trends.
Key Facts
- Alabama's state and local GDP was $78.1 billion in 2021.
- Public sector GDP accounts for 12.4% of Alabama's total economic output.
- State and local GDP growth has averaged 3.2% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This metric measures the gross domestic product (GDP) contributed by state and local government entities in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the relative size and economic importance of the public sector within Alabama's economy, which is valuable for policymakers and economic 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 state GDP accounts.
Q: How is this trend used in economic policy?
A: This metric is used by economists and government officials to monitor the fiscal health and economic impact of state and local government activity in Alabama.
Q: Are there update delays or limitations?
A: The data is published with a lag of several quarters, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: State and Local in Alabama (ALGOVSLNGSP), retrieved from FRED.