Gross Domestic Product: Private Services-Providing Industries in Arizona
AZPRISERVPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
401,757.30
Year-over-Year Change
107.83%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Gross Domestic Product: Private Services-Providing Industries in Arizona' series measures the economic output of Arizona's private service-providing industries. This data is crucial for understanding the state's economic trends and performance.
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 total value-added by Arizona's private service-providing industries, such as wholesale and retail trade, transportation, information, finance, and professional services. It is a key indicator of the overall health and direction of the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and analysts use this metric to gauge Arizona's economic growth, make informed decisions, and track the state's competitiveness relative to other regions.
Key Facts
- Arizona's private service-providing industries account for over 60% of the state's GDP.
- This metric has shown steady growth over the past decade, outpacing the national average.
- Service-providing industries are a key driver of employment and income in Arizona.
FAQs
Q: What does this economic trend measure?
A: This series measures the total value-added by Arizona's private service-providing industries, which include sectors like trade, transportation, finance, and professional services.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for understanding the overall health and direction of Arizona's economy, as the service sector is a major driver of economic activity in the state.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to gauge Arizona's economic growth, make informed decisions, and track the state's competitiveness relative to other regions.
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 recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Private Services-Providing Industries in Arizona (AZPRISERVPRONGSP), retrieved from FRED.