Gross Domestic Product: All Industry Total in Arizona
AZNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
552,167.00
Year-over-Year Change
102.48%
Date Range
1/1/1997 - 1/1/2024
Summary
Gross Domestic Product (GDP) for Arizona measures the total economic output of the state, providing a comprehensive view of its 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
GDP is a widely-used metric that quantifies the market value of all goods and services produced within a geographic area over a specific time period. The Arizona GDP series offers crucial insights into the state's economic health and development.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using various government and private sector sources.
Historical Context
Policymakers and analysts use Arizona GDP to assess the state's economic conditions and make informed decisions regarding fiscal, monetary, and development policies.
Key Facts
- Arizona's GDP was $389 billion in 2021.
- GDP growth in Arizona was 5.7% in 2021.
- The largest industry contributors to Arizona's GDP are trade, transportation, and utilities.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product (GDP) for Arizona measures the total value of all goods and services produced within the state over a given time period.
Q: Why is this trend relevant for users or analysts?
A: Arizona's GDP is a key indicator of the state's overall economic performance and growth, providing crucial insights for policymakers, businesses, and investors.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using various government and private sector sources.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use Arizona GDP to assess the state's economic conditions and make informed decisions regarding fiscal, monetary, and development policies.
Q: Are there update delays or limitations?
A: The Arizona GDP data is typically released on a quarterly basis, with some potential for minor revisions in subsequent releases.
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Citation
U.S. Federal Reserve, Gross Domestic Product: All Industry Total in Arizona (AZNGSP), retrieved from FRED.