Gross Domestic Product: Other Services (Except Government and Government Enterprises) (81) in Minnesota
MNOTHSERVENQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
11,288.80
Year-over-Year Change
19.59%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the gross domestic product (GDP) contribution of the other services (except government and government enterprises) sector in Minnesota. It is an important indicator of the state's economic activity and service industry performance.
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 (except government and government enterprises) sector includes a diverse range of activities such as personal care services, repair and maintenance, and religious organizations. This metric provides insights into the overall health and growth of Minnesota's service-based economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their regional GDP accounts.
Historical Context
Policymakers and economists closely monitor this trend to understand the evolving composition and dynamics of Minnesota's economy.
Key Facts
- Minnesota's other services sector contributed $25.5 billion to the state's GDP in 2021.
- This sector has grown at an average annual rate of 2.8% over the past 10 years.
- Personal care services make up the largest subsector, accounting for over 30% of other services GDP in Minnesota.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the other services (except government and government enterprises) sector in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and composition of Minnesota's service-based economy, which is a critical component of the state's overall economic activity.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their regional GDP accounts.
Q: How is this trend used in economic policy?
A: Policymakers and economists closely monitor this trend to understand the evolving dynamics of Minnesota's service sector and inform economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the BEA, with a typical release lag of around 3 months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Other Services (Except Government and Government Enterprises) (81) in Minnesota (MNOTHSERVENQGSP), retrieved from FRED.