Gross Domestic Product: Private Services-Providing Industries in the District of Columbia
DCPRISERVPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
126,391.50
Year-over-Year Change
76.46%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Private Services-Providing Industries in the District of Columbia measure the economic output of private service-related industries in Washington, D.C. This data is an important indicator of the District's economic health and service sector activity.
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 trend represents the real gross value added by private service-providing industries, such as retail, finance, and healthcare, to the District of Columbia's economy. Economists and policymakers use this data to analyze the strength and composition of the District's economic output.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using surveys and economic models.
Historical Context
This trend provides insight into the service sector's contribution to the District's economic performance, which is relevant for local and federal policy decisions.
Key Facts
- The service sector accounts for over 90% of the District's GDP.
- Private service-providing industries grew by 3.2% in 2021.
- Washington, D.C. has the highest per capita GDP of any U.S. state or territory.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross value added by private service-providing industries, such as retail, finance, and healthcare, to the District of Columbia's economy.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into the strength and composition of the District's economic output, which is relevant for local and federal policymakers, economists, and market analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using surveys and economic models.
Q: How is this trend used in economic policy?
A: This trend helps inform policy decisions related to the District of Columbia's economic development, workforce, and infrastructure needs.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis, with typical update delays of 2-3 months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Private Services-Providing Industries in the District of Columbia (DCPRISERVPRONGSP), retrieved from FRED.