Real Gross Domestic Product: Private Industries in Alabama
ALPIRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
217,719.60
Year-over-Year Change
9.20%
Date Range
1/1/2005 - 1/1/2025
Summary
The Real Gross Domestic Product: Private Industries in Alabama measures the inflation-adjusted economic output of private industries in the state of Alabama. This metric is crucial for understanding Alabama's economic performance and growth.
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 series represents the real, or inflation-adjusted, value added by private industries in Alabama's gross domestic product. It is a key indicator of the state's economic health and can be used to analyze trends in private sector activity and productivity.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting standards.
Historical Context
Policymakers and analysts use this metric to gauge the strength of Alabama's private economy and inform economic and fiscal decisions.
Key Facts
- Alabama's private GDP was $218 billion in 2021.
- The state's private GDP grew by 3.2% in 2021.
- Manufacturing is a key driver of Alabama's private sector economy.
FAQs
Q: What does this economic trend measure?
A: This metric measures the inflation-adjusted economic output of private industries in the state of Alabama, a key indicator of the state's private sector performance.
Q: Why is this trend relevant for users or analysts?
A: This trend is crucial for understanding Alabama's economic health and growth, and can inform policy decisions and business strategies.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting standards.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to gauge the strength of Alabama's private economy and inform economic and fiscal decisions.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Industries in Alabama (ALPIRQGSP), retrieved from FRED.