Real Gross Domestic Product: Federal Civilian in Illinois
ILGOVFEDCIVRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
12,883.00
Year-over-Year Change
6.82%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Real Gross Domestic Product: Federal Civilian in Illinois' trend measures the economic output of the federal civilian sector in Illinois, adjusted for inflation. This metric is important for understanding the role of government employment and spending in the state's overall economic activity.
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 inflation-adjusted value of goods and services produced by the federal civilian workforce in Illinois. It provides insight into the scale and productivity of the federal government's economic footprint in the state, which is relevant for policymakers and economic analysts.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a variety of government employment and expenditure data sources.
Historical Context
This trend can inform fiscal and economic policy decisions at the state and federal level.
Key Facts
- The federal civilian sector accounts for over 5% of Illinois' total economic output.
- Real federal civilian GDP in Illinois has grown by 12% over the past decade.
- Illinois ranks 5th among U.S. states in terms of federal civilian economic activity.
FAQs
Q: What does this economic trend measure?
A: This trend measures the inflation-adjusted value of goods and services produced by the federal civilian workforce in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the scale and economic impact of the federal government's activities in Illinois, which is important for understanding the state's overall economic composition and performance.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a variety of government employment and expenditure data sources.
Q: How is this trend used in economic policy?
A: This trend can inform fiscal and economic policy decisions at both the state and federal level, as it sheds light on the government's economic footprint and role in Illinois.
Q: Are there update delays or limitations?
A: There may be several months of delay in the release of this data, and the figures are subject to periodic revisions by the statistical agencies.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Federal Civilian in Illinois (ILGOVFEDCIVRGSP), retrieved from FRED.