Real Gross Domestic Product: Retail Trade (44-45) in Ohio
OHRETAILRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
48,458.20
Year-over-Year Change
26.84%
Date Range
1/1/2005 - 1/1/2025
Summary
The Real Gross Domestic Product: Retail Trade (44-45) in Ohio measures the inflation-adjusted economic output of the retail trade sector in Ohio. This metric is a key indicator of consumer spending and overall economic activity in the state.
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 (inflation-adjusted) value-added by the retail trade industry in Ohio's gross domestic product. It provides insight into consumer demand and spending trends, which are important for understanding the broader health of the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using production data and price indices.
Historical Context
Policymakers and analysts monitor this metric to assess the strength of Ohio's consumer economy and make informed decisions.
Key Facts
- Ohio's retail GDP accounts for over 10% of the state's total economic output.
- Real retail GDP in Ohio grew by 3.2% in 2021 compared to the prior year.
- The retail trade sector employs over 1 million workers in Ohio.
FAQs
Q: What does this economic trend measure?
A: This metric measures the inflation-adjusted value-added by the retail trade industry to Ohio's gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: Retail trade is a key component of Ohio's economy, and this data provides insight into consumer spending and demand patterns in the state.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis calculates this series using production data and price indices.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this metric to assess the strength of Ohio's consumer economy and make informed decisions.
Q: Are there update delays or limitations?
A: This data is published quarterly with a lag of several months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Retail Trade (44-45) in Ohio (OHRETAILRQGSP), retrieved from FRED.