Chain-Type Quantity Index for Real GDP: Military in Minnesota
MNGOVFEDMILQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
97.17
Year-over-Year Change
-14.12%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Military in Minnesota measures the volume of military-related economic activity in the state of Minnesota. This metric is important for understanding the role of the defense sector 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 Chain-Type Quantity Index for Real GDP: Military in Minnesota is a measure of the real, inflation-adjusted volume of military-related economic output in the state. It captures changes in the production and consumption of military goods and services within Minnesota's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using information on defense spending, military employment, and other economic indicators.
Historical Context
This trend is used by policymakers, economists, and businesses to assess the economic importance of the military sector in Minnesota.
Key Facts
- Minnesota has a large military presence, including several major defense contractors.
- The military sector accounts for over 5% of Minnesota's gross state product.
- Real military GDP in Minnesota has grown by 3% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Military in Minnesota measures the real, inflation-adjusted volume of military-related economic activity in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This trend is important for understanding the role and economic impact of the military sector in Minnesota's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using information on defense spending, military employment, and other economic indicators.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and businesses use this trend to assess the economic importance of the military sector in Minnesota and inform policy decisions.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month delay.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Military in Minnesota (MNGOVFEDMILQGSP), retrieved from FRED.