Real Gross Domestic Product: Finance and Insurance (52) in Maryland
MDFININSRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
17,351.40
Year-over-Year Change
-5.62%
Date Range
1/1/2005 - 1/1/2025
Summary
The Real Gross Domestic Product: Finance and Insurance (52) in Maryland measures the output of the finance and insurance sector in the state's economy, adjusted for inflation. This metric is crucial for understanding Maryland's economic performance and the health of its financial industries.
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 real (inflation-adjusted) value added by the finance and insurance industry in Maryland's GDP. It provides insights into the productivity and growth of a key sector that contributes significantly to the state's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
Policymakers and analysts use this metric to gauge the strength and competitiveness of Maryland's finance and insurance industries, which can inform economic development strategies and fiscal policies.
Key Facts
- Maryland's finance and insurance sector accounts for over 10% of the state's GDP.
- Real GDP in this sector has grown by an average of 2.5% annually over the past decade.
- The finance and insurance industry is the second-largest contributor to Maryland's economic output.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real (inflation-adjusted) value added by the finance and insurance industry to Maryland's gross domestic product (GDP).
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the productivity and growth of a key sector in Maryland's economy, which can inform economic development strategies and 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 established national income and product accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to gauge the strength and competitiveness of Maryland's finance and insurance industries, which can inform economic development strategies and fiscal policies.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedule and potential revisions as other GDP-related statistics published by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Finance and Insurance (52) in Maryland (MDFININSRQGSP), retrieved from FRED.