Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Delaware
DEPROSCITCHRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,521.30
Year-over-Year Change
9.17%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the real gross domestic product (GDP) of the professional, scientific, and technical services industry in Delaware. It is an important indicator of economic activity and productivity in this key sector.
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 GDP of the professional, scientific, and technical services industry in Delaware represents the inflation-adjusted total value of goods and services produced by this sector. It is a crucial metric for understanding the state's economic performance and competitiveness in highly skilled, knowledge-based industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts methodology.
Historical Context
Policymakers and industry analysts use this trend to evaluate Delaware's economic development and the health of its professional services sector.
Key Facts
- Delaware's professional services GDP accounts for a significant portion of the state's overall economic output.
- This industry sector includes high-value activities like legal, accounting, engineering, and research services.
- Trends in professional services GDP can signal changes in Delaware's knowledge-based economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the professional, scientific, and technical services industry in the state of Delaware.
Q: Why is this trend relevant for users or analysts?
A: This trend is an important indicator of economic activity and productivity in Delaware's knowledge-based, high-skilled professional services sector.
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: Policymakers and industry analysts use this trend to evaluate Delaware's economic development and the health of its professional services sector.
Q: Are there update delays or limitations?
A: There may be lags in data availability, and the trend may not capture all aspects of the professional services industry in Delaware.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Delaware (DEPROSCITCHRGSP), retrieved from FRED.