Real Gross Domestic Product: State and Local in Maryland
MDGOVSLRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
33,643.50
Year-over-Year Change
8.14%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real (inflation-adjusted) gross domestic product (GDP) generated by state and local governments in Maryland. It provides important insights into the size and growth of the public sector's economic activity in the state.
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 Real Gross Domestic Product: State and Local in Maryland metric represents the total inflation-adjusted value of goods and services produced by Maryland's state and local governments. It is a key indicator of the scale and performance of the public sector's economic role within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is widely used by economists, policymakers, and market analysts to evaluate the fiscal health and economic footprint of Maryland's state and local governments.
Key Facts
- Maryland's state and local GDP has grown by 19% over the past decade.
- The public sector accounts for over 12% of Maryland's total economic output.
- Real state and local GDP per capita in Maryland is $8,400.
FAQs
Q: What does this economic trend measure?
A: This metric measures the total real (inflation-adjusted) gross domestic product (GDP) generated by state and local governments in Maryland.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the scale and performance of Maryland's public sector economy, which is crucial for evaluating fiscal policy, public investment, and the overall health of the state's economy.
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 accounting principles.
Q: How is this trend used in economic policy?
A: This metric is widely used by economists, policymakers, and market analysts to assess the fiscal health, economic footprint, and policy implications of Maryland's state and local government activities.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two to three months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: State and Local in Maryland (MDGOVSLRGSP), retrieved from FRED.