Gross Domestic Product: Private Services-Providing Industries in Indiana
INPRISERVPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
309,995.60
Year-over-Year Change
79.47%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Private Services-Providing Industries in Indiana measures the economic output of private service-providing industries in the state of Indiana. This data is important for economists and policymakers to assess the performance of Indiana's service sector and overall economic health.
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 Gross Domestic Product: Private Services-Providing Industries in Indiana represents the total economic value added by private service-providing industries in the state, such as trade, transportation, information, finance, and professional services. This metric is a key indicator of Indiana's economic activity and is used to analyze trends, make forecasts, and inform policy decisions.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
This economic trend is widely used by policymakers, investors, and analysts to monitor the performance of Indiana's service-providing industries and their contribution to the state's overall economic growth.
Key Facts
- Indiana's private service-providing industries account for over 70% of the state's GDP.
- The service sector has been the primary driver of economic growth in Indiana in recent years.
- The GDP of Indiana's private service-providing industries has shown steady expansion since the Great Recession.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Private Services-Providing Industries in Indiana measures the total economic output of private service-providing industries in the state, such as trade, transportation, information, finance, and professional services.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant because the service sector is a significant driver of Indiana's economy, and monitoring its performance is crucial for understanding the state's overall economic health and guiding policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Q: How is this trend used in economic policy?
A: This economic trend is widely used by policymakers, investors, and analysts to monitor the performance of Indiana's service-providing industries and their contribution to the state's overall economic growth, which informs policy decisions and investment strategies.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis, and there may be a lag of several months between the end of the reference period and the data publication.
Related Trends
All Employees: Repair and Maintenance in Indiana
SMU18000008081100001A
All Employees: Financial Activities in Indiana
SMU18000005500000001A
Per Capita Personal Consumption Expenditures: Goods: Durable Goods: Furnishings and Durable Household Equipment for Indiana
INPCEPCFUR
All Employees: Manufacturing: Non-Durable Goods: Plastics Product Manufacturing in Indiana
SMU18000003232610001
All Employees: Administrative and Support and Waste Management and Remediation Services in Indiana
SMU18000006056000001A
Estimate of People of All Ages in Poverty in Indiana
PEAAIN18000A647NCEN
Citation
U.S. Federal Reserve, Gross Domestic Product: Private Services-Providing Industries in Indiana (INPRISERVPRONGSP), retrieved from FRED.