Real Gross Domestic Product: Trade (42, 44-45) in Alabama
ALTRADERGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
31,709.60
Year-over-Year Change
31.81%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures real gross domestic product (GDP) for the trade industry in Alabama. It provides insight into the state's economic performance and is a key indicator for policymakers and analysts.
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
Real GDP by industry measures the inflation-adjusted value added by each sector of the economy. The trade industry, including wholesale and retail trade, is a significant contributor to Alabama's overall economic activity.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a variety of government surveys and economic indicators.
Historical Context
This metric is used to gauge the health and growth of Alabama's trade sector, which has implications for employment, consumer spending, and the state's broader economic outlook.
Key Facts
- Alabama's trade industry accounts for over 18% of the state's total GDP.
- Real trade GDP in Alabama grew by 2.8% in 2021 compared to the prior year.
- The COVID-19 pandemic led to a 3.6% decline in Alabama's trade GDP in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the trade industry in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: The trade industry is a significant component of Alabama's economy, so this metric provides important insights into the state's overall economic performance and growth.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a variety of government surveys and economic indicators.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to gauge the health and growth of Alabama's trade sector, which has implications for employment, consumer spending, and the state's broader economic outlook.
Q: Are there update delays or limitations?
A: There may be some delay in the availability of the most recent data, as it is compiled and published by the government.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Trade (42, 44-45) in Alabama (ALTRADERGSP), retrieved from FRED.