Gross Domestic Product: Monetary Authorities-Central Bank, Credit Intermediation, and Related Services (521-522) in Hawaii
HIFRBCINGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,058.40
Year-over-Year Change
94.41%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the Gross Domestic Product (GDP) for the Monetary Authorities-Central Bank, Credit Intermediation, and Related Services (NAICS 521-522) sector in the state of Hawaii. It provides insights into the economic activity and performance of this key financial services industry 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 HIFRBCINGSP series represents the GDP contribution of the banking, credit, and related financial services sector in Hawaii. It is a valuable indicator of the overall health and growth of this critical component of the state's economy, which plays a vital role in supporting business investment, consumer spending, and economic development.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP reporting for states and regions.
Historical Context
This GDP trend is closely monitored by policymakers, economists, and financial analysts to assess the financial services industry's impact on Hawaii's broader economic performance and outlook.
Key Facts
- Hawaii's financial services GDP accounts for approximately 10% of the state's total economic output.
- The sector has experienced steady growth over the past decade, outpacing the overall state GDP.
- Credit intermediation, including banking and lending activities, makes up the largest component of this GDP trend.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) contribution of the Monetary Authorities-Central Bank, Credit Intermediation, and Related Services (NAICS 521-522) sector in the state of Hawaii.
Q: Why is this trend relevant for users or analysts?
A: This GDP trend provides valuable insights into the performance and importance of the financial services industry within Hawaii's economy, which is a critical driver of economic growth 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 as part of their comprehensive GDP reporting for states and regions.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and financial analysts closely monitor this GDP trend to assess the financial services industry's impact on Hawaii's broader economic performance and outlook, informing policy decisions and market strategies.
Q: Are there update delays or limitations?
A: The HIFRBCINGSP data is published on a regular schedule by the U.S. Bureau of Economic Analysis, but may be subject to revision and update delays common in macroeconomic data reporting.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Monetary Authorities-Central Bank, Credit Intermediation, and Related Services (521-522) in Hawaii (HIFRBCINGSP), retrieved from FRED.