Real Gross Domestic Product: Private Industries in North Carolina
NCPIRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
585,090.50
Year-over-Year Change
40.25%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Private Industries in North Carolina measures the inflation-adjusted economic output of the state's private sector. It serves as a key indicator of North Carolina's economic performance and growth.
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 represents the real GDP from private industries located in North Carolina. It is a valuable metric for understanding the state's economic activity and can be used to track growth, identify trends, and inform policymaking.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a variety of economic indicators and statistical models.
Historical Context
Policymakers and market analysts closely monitor this trend to assess the health and direction of North Carolina's private economy.
Key Facts
- North Carolina's private GDP reached a record high in 2021.
- The real private GDP growth rate in North Carolina averaged 2.5% over the past decade.
- The finance, insurance, and real estate sectors account for the largest share of North Carolina's private GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the inflation-adjusted economic output of the private industries located in the state of North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the performance and growth of North Carolina's private sector, which is crucial for understanding the state's overall economic conditions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a variety of economic indicators and statistical models.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts closely monitor this trend to assess the health and direction of North Carolina's private economy, which informs decision-making and policy development.
Q: Are there update delays or limitations?
A: The data is typically released with a 2-3 month delay, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Industries in North Carolina (NCPIRGSP), retrieved from FRED.