Real Gross Domestic Product: State and Local in Connecticut
CTGOVSLRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
20,331.20
Year-over-Year Change
-7.03%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures real gross domestic product (GDP) for state and local governments in Connecticut. It provides important insights into the economic performance and fiscal health of Connecticut's public sector.
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 Real Gross Domestic Product: State and Local in Connecticut series tracks the inflation-adjusted economic output of state and local governments within the state. It is a key indicator of the overall size and productivity of the public sector in Connecticut and can help policymakers and analysts assess budgetary conditions and the state's economic climate.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This economic trend is monitored by policymakers, economists, and market participants to evaluate Connecticut's public finances and economic outlook.
Key Facts
- Connecticut's state and local GDP was $157.9 billion in 2021.
- This trend has grown at an average annual rate of 1.5% over the past decade.
- The public sector accounts for around 11% of Connecticut's total economic output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the inflation-adjusted gross domestic product (GDP) generated by state and local governments within the state of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: It provides important insights into the economic performance and fiscal health of Connecticut's public sector, which is crucial for policymakers, economists, and market participants to assess the state's overall economic outlook.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is monitored by policymakers, economists, and market participants to evaluate Connecticut's public finances and economic outlook, which can inform fiscal and macroeconomic policies.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: State and Local in Connecticut (CTGOVSLRGSP), retrieved from FRED.