Gross Domestic Product: Monetary Authorities-Central Bank, Credit Intermediation, and Related Services (521-522) in Pennsylvania
PAFRBCINGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
21,269.20
Year-over-Year Change
97.17%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the monetary authorities, credit intermediation, and related services industry in Pennsylvania. It provides insights into the economic performance and growth 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 PAFRBCINGSP series tracks the GDP contribution of financial institutions such as central banks, commercial banks, and credit unions in Pennsylvania. This metric is widely used by economists and policymakers to analyze the health and competitiveness of the state's financial services industry.
Methodology
The data is collected and calculated by the U.S. Federal Reserve using established national accounting principles.
Historical Context
This trend is closely monitored by financial regulators, investors, and economic analysts to assess Pennsylvania's economic conditions and outlook.
Key Facts
- Pennsylvania's financial services GDP was $130 billion in 2021.
- The sector accounts for over 7% of the state's total economic output.
- Growth in this industry has outpaced the overall Pennsylvania economy in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the monetary authorities, credit intermediation, and related financial services industry in the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the performance and competitiveness of Pennsylvania's financial services sector, which is a key driver of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Federal Reserve using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers, regulators, and economic analysts closely monitor this trend to assess the health and outlook of Pennsylvania's financial services industry, which informs policy decisions.
Q: Are there update delays or limitations?
A: The data is released quarterly with a typical lag of 3 months. There may be occasional revisions to historical data as part of the Federal Reserve's reporting process.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Monetary Authorities-Central Bank, Credit Intermediation, and Related Services (521-522) in Pennsylvania (PAFRBCINGSP), retrieved from FRED.