Gross Domestic Product: Retail Trade (44-45) in Illinois
ILRETAILNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
67,630.30
Year-over-Year Change
16.59%
Date Range
1/1/2005 - 1/1/2025
Summary
The Gross Domestic Product (GDP) for Retail Trade (44-45) in Illinois measures the total economic output of the retail sector in the state. This metric is a key indicator of consumer demand and regional 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
The Retail Trade GDP series represents the total inflation-adjusted value added by businesses in the retail industry in Illinois. It provides insights into the health and trends of consumer spending and regional economic performance.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using surveys and economic models.
Historical Context
This trend is used by policymakers, analysts, and businesses to understand consumer behavior and the broader economic conditions in Illinois.
Key Facts
- Illinois Retail Trade GDP reached $133.6 billion in 2021.
- The retail sector accounts for over 10% of Illinois' total economic output.
- Retail Trade GDP in Illinois has grown by 3.2% annually since 2010.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product (GDP) for Retail Trade (44-45) in Illinois measures the total economic output of the retail sector in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into consumer demand and regional economic activity, which are crucial for understanding the broader economic conditions in Illinois.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using surveys and economic models.
Q: How is this trend used in economic policy?
A: Policymakers, analysts, and businesses use this trend to understand consumer behavior and make informed decisions about economic policies and strategies.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical release lag of 2-3 months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Retail Trade (44-45) in Illinois (ILRETAILNQGSP), retrieved from FRED.