Gross Domestic Product: Private Services-Providing Industries in Delaware
DEPRISERVPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
81,132.10
Year-over-Year Change
62.04%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) generated by private services-providing industries in the state of Delaware. It is a key indicator of the strength and composition of 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 Gross Domestic Product: Private Services-Providing Industries in Delaware metric tracks the economic output of the private services sector, which includes industries like finance, healthcare, education, and professional services. This data provides insights into the structure and performance of Delaware's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their comprehensive GDP reporting.
Historical Context
Policymakers and analysts use this metric to assess the health and trajectory of Delaware's economy and to inform economic development strategies.
Key Facts
- Delaware's private services-providing industries account for over 75% of the state's GDP.
- This metric has grown by an average of 3.2% annually over the past decade.
- The finance and insurance sector is the largest component of Delaware's private services GDP.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the gross domestic product (GDP) generated by private services-providing industries in the state of Delaware, including sectors like finance, healthcare, and professional services.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into the structure and performance of Delaware's economy, which is heavily dominated by the private services sector. It is a key indicator for policymakers and analysts assessing the state's economic health and development.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their comprehensive GDP reporting for states and regions.
Q: How is this trend used in economic policy?
A: Policymakers and economic development agencies in Delaware use this metric to inform strategies and investments aimed at supporting and growing the state's private services industries, which are critical to its overall economic performance.
Q: Are there update delays or limitations?
A: The Gross Domestic Product: Private Services-Providing Industries in Delaware data is published quarterly by the BEA, with a lag of approximately 3 months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Private Services-Providing Industries in Delaware (DEPRISERVPRONGSP), retrieved from FRED.