Real Gross Domestic Product: State and Local in Alabama
ALGOVSLRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
25,681.60
Year-over-Year Change
11.89%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of state and local governments in Alabama. It is an important indicator of the economic activity and fiscal health of state and local public sectors.
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 Alabama series tracks the total economic output produced by state and local government entities within the state. It is a key metric for understanding the scale and performance of the public sector in Alabama's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounts frameworks.
Historical Context
This trend provides insight into government spending, investment, and service delivery, which informs policymaking and economic analysis.
Key Facts
- Alabama's state and local real GDP was $82.5 billion in 2021.
- Government spending accounts for over 10% of Alabama's total economic output.
- Real state and local GDP growth in Alabama averaged 1.8% annually from 2010-2021.
FAQs
Q: What does this economic trend measure?
A: The Real Gross Domestic Product: State and Local in Alabama series measures the total economic output produced by state and local government entities within the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insight into the scale and performance of the public sector in Alabama's economy, informing policymaking, budgeting, and economic analysis.
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 accounts frameworks.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and analysts to understand government spending, investment, and service delivery, which informs fiscal and economic policymaking.
Q: Are there update delays or limitations?
A: The data is typically published with a 1-2 quarter lag, and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: State and Local in Alabama (ALGOVSLRGSP), retrieved from FRED.