Chain-Type Quantity Index for Real GDP: Insurance Carriers and Related Activities (524) in Alabama
ALINSCRAQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
125.44
Year-over-Year Change
54.57%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Insurance Carriers and Related Activities (524) in Alabama measures the real output of the insurance industry in the state. It is an important economic indicator for understanding the performance and trends within Alabama's insurance sector.
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 quantity or volume of goods and services produced by insurance carriers and related activities in Alabama, adjusted for inflation. It provides insight into the state's insurance industry's economic contribution and can be used to analyze productivity, growth, and competitiveness.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and analysts use this metric to assess the health and outlook of Alabama's insurance industry and its influence on the broader state economy.
Key Facts
- The index is benchmarked to 2012 as the base year.
- Insurance carriers and related activities account for over 3% of Alabama's total GDP.
- The index has shown steady growth in recent years, reflecting the industry's expansion.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real output or quantity of goods and services produced by the insurance industry in Alabama, adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the performance and growth of Alabama's insurance sector, which is an important contributor to the state's economy.
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 accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to assess the health and outlook of Alabama's insurance industry and its influence on the broader state economy.
Q: Are there update delays or limitations?
A: The index is published quarterly with a short lag time, providing timely information on the insurance industry's performance in Alabama.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Insurance Carriers and Related Activities (524) in Alabama (ALINSCRAQGSP), retrieved from FRED.