Real Gross Domestic Product: Other Services (Except Government and Government Enterprises) (81) in Maryland
MDOTHSERVERGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,443.00
Year-over-Year Change
-3.90%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures real gross domestic product (GDP) for the 'Other Services' sector in Maryland, excluding government and government enterprises. It provides insight into the performance and contribution of this key service industry in the state'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
The 'Other Services' sector encompasses a diverse range of activities, including personal services, religious organizations, and repair and maintenance services. Analyzing the real GDP of this sector helps economists and policymakers understand Maryland's economic structure and growth drivers.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its state-level GDP estimates.
Historical Context
This metric is used to inform economic and policy decisions at the state level.
Key Facts
- Maryland's 'Other Services' sector accounts for approximately 4% of the state's total GDP.
- Real GDP in this sector has grown by an average of 2.5% annually over the past decade.
- The 'Other Services' industry is a significant employer in Maryland, accounting for over 200,000 jobs.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) for the 'Other Services' sector in the state of Maryland, excluding government and government enterprises.
Q: Why is this trend relevant for users or analysts?
A: Analyzing the performance of the 'Other Services' sector provides valuable insights into Maryland's economic structure and growth drivers, which is important for policymakers and economists.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its state-level GDP estimates.
Q: How is this trend used in economic policy?
A: This metric is used to inform economic and policy decisions at the state level, as it provides insights into the performance and contribution of a key service industry in Maryland's economy.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis, with a typical delay of several months. There may be revisions to previous estimates as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Other Services (Except Government and Government Enterprises) (81) in Maryland (MDOTHSERVERGSP), retrieved from FRED.