Real Gross Domestic Product: Funds, Trusts, and Other Financial Vehicles (525) in the Great Lakes BEA Region
GLAKFNDTRSTRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
323.30
Year-over-Year Change
-77.33%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of funds, trusts, and other financial vehicles in the Great Lakes Bureau of Economic Analysis (BEA) region. It provides insight into the financial services sector's contribution to the regional 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: Funds, Trusts, and Other Financial Vehicles (525) in the Great Lakes BEA Region tracks the inflation-adjusted output of financial institutions like investment funds, pension funds, and other financial intermediaries located in the Great Lakes states. This measure helps analyze the size and growth of the region's financial services industry.
Methodology
This data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP accounts.
Historical Context
Policymakers and analysts use this metric to understand the economic health and competitiveness of the Great Lakes financial services sector.
Key Facts
- The Great Lakes region accounts for over 20% of U.S. GDP.
- Financial services make up about 6% of the Great Lakes regional economy.
- This metric has shown steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of funds, trusts, and other financial vehicles located in the Great Lakes Bureau of Economic Analysis (BEA) region.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the size and growth of the financial services sector in the Great Lakes region, which is an important part of the regional economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP accounts.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to understand the economic health and competitiveness of the Great Lakes financial services sector.
Q: Are there update delays or limitations?
A: There may be lags in data availability due to the time required for the Bureau of Economic Analysis to collect and process the regional economic information.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Funds, Trusts, and Other Financial Vehicles (525) in the Great Lakes BEA Region (GLAKFNDTRSTRGSP), retrieved from FRED.