Gross Domestic Product: Finance and Insurance (52) in Pennsylvania
PAFININSNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
72,835.70
Year-over-Year Change
23.98%
Date Range
1/1/2005 - 1/1/2025
Summary
This series measures the gross domestic product (GDP) of the finance and insurance industry (NAICS 52) in the state of Pennsylvania. It provides important insights into the economic performance and contribution of this key sector.
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 Gross Domestic Product: Finance and Insurance (52) in Pennsylvania series tracks the total economic output of firms in the finance and insurance industry within the state. This metric is used by economists and policymakers to analyze regional economic trends and the relative importance of different industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including business surveys and tax records.
Historical Context
This economic indicator is relevant for understanding Pennsylvania's economic structure and assessing the state's competitiveness in the finance and insurance sector.
Key Facts
- Pennsylvania's finance and insurance GDP was $78.1 billion in 2021.
- This sector accounts for 6.8% of Pennsylvania's total economic output.
- The finance and insurance industry is the third-largest contributor to Pennsylvania's GDP.
FAQs
Q: What does this economic trend measure?
A: This series measures the gross domestic product (GDP) of the finance and insurance industry (NAICS 52) in the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the economic performance and contribution of the finance and insurance sector within Pennsylvania, which is a key industry for the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including business surveys and tax records.
Q: How is this trend used in economic policy?
A: This economic indicator is relevant for understanding Pennsylvania's economic structure and assessing the state's competitiveness in the finance and insurance sector, which can inform policy decisions.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Finance and Insurance (52) in Pennsylvania (PAFININSNQGSP), retrieved from FRED.