Real Gross Domestic Product: Educational Services (61) in Delaware
Annual, Not Seasonally Adjusted
DEEDCATRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
402.70
Year-over-Year Change
-18.58%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Annual, Not Seasonally Adjusted' trend measures the total gross state product (GSP) for the state of Delaware. This metric is a key indicator of economic growth and activity within the state.
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 GSP represents the total value of all goods and services produced within Delaware's economy over the course of a year. It is a comprehensive measure used by economists and policymakers to assess the state's economic performance and guide economic development strategies.
Methodology
The Bureau of Economic Analysis (BEA) calculates GSP using data from various government sources and industry surveys.
Historical Context
Trends in Delaware's GSP are closely watched by state officials, businesses, and investors to understand the overall health of the local economy.
Key Facts
- Delaware's GSP reached a record high of $73.4 billion in 2021.
- The state's economy grew by 3.2% in 2021 after contracting in 2020 due to the COVID-19 pandemic.
- The finance and insurance sector is the largest contributor to Delaware's GSP, accounting for over 30% of total output.
FAQs
Q: What does this economic trend measure?
A: The 'Annual, Not Seasonally Adjusted' trend measures the total gross state product (GSP) for the state of Delaware. GSP represents the overall economic output of the state over a one-year period.
Q: Why is this trend relevant for users or analysts?
A: Trends in Delaware's GSP are closely watched by economists, policymakers, and businesses to gauge the overall health and performance of the state's economy. GSP is a comprehensive measure of economic activity that informs decision-making and policy.
Q: How is this data collected or calculated?
A: The Bureau of Economic Analysis (BEA) calculates Delaware's GSP using data from various government sources and industry surveys.
Q: How is this trend used in economic policy?
A: Policymakers in Delaware use GSP data to develop economic development strategies, allocate resources, and assess the impact of policy decisions on the state's overall economic performance.
Q: Are there update delays or limitations?
A: The GSP data is published annually by the BEA, with a delay of several months between the end of the reference year and the release of the final estimates.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (DEEDCATRGSP), retrieved from FRED.