Gross Domestic Product: Finance and Insurance (52) in Arizona
AZFININSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
36,331.10
Year-over-Year Change
94.94%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product (GDP) for the finance and insurance industry in Arizona measures the total economic output of this sector within the state. It is a key indicator of the health and growth of Arizona's financial services industry.
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 value added by establishments primarily engaged in financial and insurance activities, such as banking, investments, and insurance. It provides insight into the role of this crucial sector in Arizona's overall economic performance.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national economic accounts.
Historical Context
This metric is widely used by policymakers, analysts, and businesses to understand Arizona's economic composition and competitiveness.
Key Facts
- Arizona's finance and insurance GDP was $31.8 billion in 2021.
- This sector accounts for 7.2% of Arizona's total economic output.
- The finance and insurance industry employs over 160,000 people in Arizona.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total economic output or value added by establishments primarily engaged in financial and insurance activities within the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the size, growth, and role of Arizona's finance and insurance sector, which is a critical part of the state's overall 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 national economic accounts and industry-level data.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and businesses use this metric to understand Arizona's economic composition, competitiveness, and the relative importance of the finance and insurance industry.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to periodic revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Finance and Insurance (52) in Arizona (AZFININSNGSP), retrieved from FRED.