Gross Domestic Product: All Industry Total in Maryland
MDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
542,765.80
Year-over-Year Change
63.55%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: All Industry Total in Maryland measures the total economic output of all industries in the state. This key indicator provides insight into the overall health and growth of Maryland's economy.
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 total value added by all private industries and government in Maryland. It is a comprehensive measure of economic activity and a fundamental input for analysts and policymakers to assess the state's economic performance.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Historical Context
GDP data is widely used to inform economic and fiscal policy decisions at the state level.
Key Facts
- Maryland's GDP reached $425 billion in 2021.
- The state's economy grew by 3.2% in 2021 after a 2.2% decline in 2020.
- The largest industry contributors to Maryland's GDP are professional services, government, and finance.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: All Industry Total in Maryland measures the total economic output of all private industries and government in the state.
Q: Why is this trend relevant for users or analysts?
A: This comprehensive measure of economic activity in Maryland provides key insights for analysts, policymakers, and businesses to assess the state's economic performance and growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Q: How is this trend used in economic policy?
A: GDP data is widely used to inform economic and fiscal policy decisions at the state level, as it reflects the overall health and growth of Maryland's economy.
Q: Are there update delays or limitations?
A: The GDP data for Maryland is released quarterly with a lag of several months, so there may be a delay in accessing the most recent information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: All Industry Total in Maryland (MDNGSP), retrieved from FRED.