Gross Domestic Product: State and Local in Arizona
AZGOVSLNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
42,519.90
Year-over-Year Change
56.17%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: State and Local in Arizona measures the total economic output of state and local governments in Arizona. This metric is important for policymakers to understand the size and growth of the public sector in the state.
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 Gross Domestic Product: State and Local in Arizona represents the value of goods and services produced by state and local government entities within the state. It is a key indicator of the overall economic activity and fiscal health of Arizona's public sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using income, expenditure, and employment information from state and local government sources.
Historical Context
Analysts and policymakers use this metric to assess the role of the public sector in Arizona's economy and to inform decisions around fiscal policy, budgeting, and resource allocation.
Key Facts
- Arizona's state and local GDP was $137 billion in 2021.
- The public sector accounts for approximately 13% of Arizona's total economic output.
- Arizona's state and local GDP has grown by an average of 3.2% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: State and Local in Arizona measures the total economic output of state and local governments within the state.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the size and growth of the public sector in Arizona and how it contributes to the state's overall economic activity.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using income, expenditure, and employment information from state and local government sources.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this metric to assess the role of the public sector in Arizona's economy and to inform decisions around fiscal policy, budgeting, and resource allocation.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be a delay in reflecting the most current economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: State and Local in Arizona (AZGOVSLNGSP), retrieved from FRED.