Real Gross Domestic Product: Retail Trade (44-45) in Minnesota
MNRETAILRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
23,221.70
Year-over-Year Change
46.23%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Retail Trade (44-45) in Minnesota measures the inflation-adjusted value of economic output from the retail trade sector in Minnesota. It is a key indicator of the state's consumer spending and overall economic health.
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 tracks the real (inflation-adjusted) GDP contribution of the retail trade industry in Minnesota. It provides insights into consumer demand, business investment, and broader economic trends within the state.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Historical Context
Policymakers and analysts use this trend to assess the performance and outlook of Minnesota's consumer-driven economy.
Key Facts
- Minnesota's retail GDP accounted for 10.3% of the state's total GDP in 2021.
- The retail trade sector employs over 430,000 people in Minnesota.
- Real retail GDP in Minnesota grew by 3.2% in 2021 after declining in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the inflation-adjusted contribution of the retail trade sector to Minnesota's overall economic output or GDP.
Q: Why is this trend relevant for users or analysts?
A: The retail trade GDP trend provides important insights into consumer spending, business investment, and the overall health of 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 established national accounting frameworks.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the performance and outlook of Minnesota's consumer-driven economy.
Q: Are there update delays or limitations?
A: There may be lags of several months in the data availability due to the time required for data collection and compilation.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Retail Trade (44-45) in Minnesota (MNRETAILRGSP), retrieved from FRED.