Chain-Type Quantity Index for Real GDP: Finance and Insurance (52) in Minnesota
MNFININSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
111.76
Year-over-Year Change
13.83%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Finance and Insurance (52) in Minnesota measures the real economic output of the finance and insurance sector in the state. This metric is important for economists and policymakers to understand the performance and contribution of this key industry.
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 index represents the real, inflation-adjusted gross domestic product (GDP) of the finance and insurance industry in Minnesota. It is a valuable indicator of the state's financial sector activity and can inform decisions around economic development, fiscal policy, and industry regulation.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Historical Context
This trend is widely used by government agencies, financial institutions, and economic analysts to assess the health and trajectory of Minnesota's finance and insurance industry.
Key Facts
- Minnesota's finance and insurance sector accounts for over 7% of the state's total GDP.
- This index has shown steady growth over the past decade, reflecting the industry's importance to the state's economy.
- The COVID-19 pandemic had a significant impact on this metric, with a sharp decline in 2020 followed by a recovery in 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the finance and insurance industry in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the performance and contribution of Minnesota's finance and insurance sector, which is a key driver 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 a chain-type quantity index formula.
Q: How is this trend used in economic policy?
A: This trend is widely used by government agencies, financial institutions, and economic analysts to assess the health and trajectory of Minnesota's finance and insurance industry, which informs decisions around economic development, fiscal policy, and industry regulation.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical release delay of 2-3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Finance and Insurance (52) in Minnesota (MNFININSQGSP), retrieved from FRED.