Chain-Type Quantity Index for Real GDP: State and Local in Alabama
ALGOVSLQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
113.12
Year-over-Year Change
11.89%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: State and Local in Alabama measures the inflation-adjusted value of state and local government output in Alabama. This metric is critical for assessing the economic performance and fiscal health of local governments.
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 the real value of goods and services produced by Alabama's state and local governments, adjusted for inflation. It is a key indicator of the fiscal capacity and economic contribution of the public sector within the state.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology.
Historical Context
Policymakers and analysts use this index to evaluate the economic role of government and inform budgetary and fiscal decisions.
Key Facts
- Alabama's state and local government output accounts for over 10% of the state's real GDP.
- The index uses 2012 as the base year for inflation adjustment.
- The metric has shown moderate growth in recent years, reflecting Alabama's economic expansion.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: State and Local in Alabama measures the inflation-adjusted value of goods and services produced by Alabama's state and local governments.
Q: Why is this trend relevant for users or analysts?
A: This index is a critical indicator of the economic and fiscal health of Alabama's public sector, helping policymakers and analysts assess the role of government in the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology to adjust for inflation.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to evaluate the economic contribution of state and local governments in Alabama, informing budgetary, fiscal, and economic development decisions.
Q: Are there update delays or limitations?
A: The index is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month lag in data availability.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: State and Local in Alabama (ALGOVSLQGSP), retrieved from FRED.