Gross Domestic Product: Federal Civilian in Illinois
ILGOVFEDCIVNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
16,592.60
Year-over-Year Change
48.30%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Federal Civilian in Illinois tracks the economic output of the federal civilian sector in the state of Illinois. This metric is crucial for understanding the role of government spending in 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
This series represents the value added by the federal civilian government in Illinois, a key component of the state's gross domestic product. Economists use this data to analyze the economic impact of federal government activity and its influence on the broader Illinois 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
Policymakers and analysts monitor this trend to assess the fiscal and economic implications of federal civilian employment and spending within Illinois.
Key Facts
- Illinois' federal civilian GDP was $34.3 billion in 2021.
- Federal civilian output accounts for 4.4% of Illinois' total GDP.
- This trend has grown by 17.5% over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Federal Civilian in Illinois measures the economic output of the federal civilian government sector within the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for understanding the role and impact of federal government activity on the Illinois economy, which is crucial information for policymakers and economic analysts.
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 analysts monitor this trend to assess the fiscal and economic implications of federal civilian employment and spending within Illinois.
Q: Are there update delays or limitations?
A: The data is typically released with a delay of several months, and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Federal Civilian in Illinois (ILGOVFEDCIVNGSP), retrieved from FRED.