Chain-Type Quantity Index for Real GDP: All Industry Total in Illinois
ILQQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
107.72
Year-over-Year Change
2.15%
Date Range
1/1/2005 - 1/1/2025
Summary
The Chain-Type Quantity Index for Real GDP: All Industry Total in Illinois tracks the overall economic activity in the state, providing a comprehensive measure of its real economic output.
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 index is a volume measure of the state's gross domestic product (GDP), adjusting for inflation to show the real changes in economic production over time. It is a key indicator used by economists and policymakers to assess Illinois' economic performance and trends.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula to aggregate the real output of various industries in the state.
Historical Context
The Real GDP index helps inform economic and fiscal policy decisions at the state level.
Key Facts
- Illinois' real GDP grew by 2.5% in 2021.
- The state's economy accounts for about 4% of total U.S. GDP.
- Manufacturing is a key driver of economic output in Illinois.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: All Industry Total in Illinois measures the overall volume of economic activity and real output produced within the state.
Q: Why is this trend relevant for users or analysts?
A: This index is a crucial indicator of Illinois' economic performance and is used by policymakers, businesses, and analysts to assess the state's economic health and trends over time.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula to aggregate the real output of various industries in the state.
Q: How is this trend used in economic policy?
A: The Real GDP index helps inform economic and fiscal policy decisions at the state level, as it provides a comprehensive measure of Illinois' overall economic activity and production.
Q: Are there update delays or limitations?
A: The Real GDP index data is typically released on a quarterly basis, with some potential for slight delays in publication.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: All Industry Total in Illinois (ILQQGSP), retrieved from FRED.