Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Delaware
DEMISCPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,718.80
Year-over-Year Change
3.34%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures real gross domestic product (GDP) for the miscellaneous professional, scientific, and technical services industry in Delaware. It provides insights into the performance and growth of this key service sector within the state'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
The Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Delaware series tracks the inflation-adjusted value-added output of businesses in fields like legal services, accounting, architecture, and consulting. This metric is used by economists and policymakers to analyze the health and productivity of this professional services industry within the Delaware economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts methodology.
Historical Context
This industry-level GDP data informs economic and policy decisions related to workforce development, business climate, and competitiveness in Delaware.
Key Facts
- Delaware's miscellaneous professional services GDP was $4.9 billion in 2021.
- This industry accounts for 5.4% of Delaware's total real GDP.
- Real professional services GDP in Delaware grew by 2.8% in 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) for the miscellaneous professional, scientific, and technical services industry in the state of Delaware.
Q: Why is this trend relevant for users or analysts?
A: This industry-level GDP data provides insights into the performance and productivity of a key service sector within Delaware's economy, informing economic analysis and policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts methodology.
Q: How is this trend used in economic policy?
A: This professional services GDP data helps inform policy decisions related to workforce development, business climate, and economic competitiveness in Delaware.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, and may be subject to revisions over time.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Delaware (DEMISCPRORGSP), retrieved from FRED.