Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in the District of Columbia
DCPROBUSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
118.20
Year-over-Year Change
28.02%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in the District of Columbia tracks the real output of the professional, scientific, technical, management, and administrative services sectors in the District's economy.
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 index measures the inflation-adjusted value of GDP generated by key professional and business service industries in Washington, D.C. over time. It provides insights into the performance and productivity of the District's service-oriented economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using chain-weighted real GDP accounting methods.
Historical Context
Policymakers and analysts use this index to monitor the economic health and competitiveness of the District's professional services sector.
Key Facts
- The index has a base year of 2012.
- The professional services sector accounts for over 30% of D.C.'s GDP.
- The index reached an all-time high in 2019.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of the professional, scientific, technical, management, and administrative services sectors in the District of Columbia's economy.
Q: Why is this trend relevant for users or analysts?
A: This index provides insights into the performance and productivity of the District's service-oriented economy, which is a critical component of its overall economic health and competitiveness.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using chain-weighted real GDP accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to monitor the economic health and competitiveness of the District's professional services sector, which is a key driver of its overall economic performance.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical 2-3 month delay from the end of the reference period.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Professional and Business Services (54, 55, 56) in the District of Columbia (DCPROBUSQGSP), retrieved from FRED.