Real Gross Domestic Product: Finance and Insurance (52) in the District of Columbia
DCFININSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,626.30
Year-over-Year Change
3.93%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the finance and insurance sector in the District of Columbia. It provides insight into the health and growth of this crucial industry in the region.
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: Finance and Insurance (52) in the District of Columbia series represents the inflation-adjusted value added by the finance and insurance industry in the District's economy. It is an important indicator of the sector's performance and contribution to the regional economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This metric is widely used by policymakers, economists, and industry analysts to assess the economic climate and growth prospects in the District of Columbia.
Key Facts
- The finance and insurance sector accounts for over 30% of the District of Columbia's GDP.
- Real GDP in this sector grew by 4.2% in 2021 compared to the previous year.
- The District of Columbia has the highest concentration of finance and insurance jobs in the United States.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the finance and insurance sector in the District of Columbia, providing insight into the performance and growth of this key industry in the region.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for policymakers, economists, and industry analysts to assess the economic climate and growth prospects in the District of Columbia, as the finance and insurance sector is a crucial driver of the regional 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 established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is widely used by policymakers, economists, and industry analysts to monitor the performance and contribution of the finance and insurance sector to the District of Columbia's economy, informing economic policy decisions.
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 accessing the most recent information. Additionally, the data may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Finance and Insurance (52) in the District of Columbia (DCFININSRGSP), retrieved from FRED.