Gross Domestic Product: All Industry Total in Pennsylvania
PANGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,024,206.30
Year-over-Year Change
58.44%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: All Industry Total in Pennsylvania measures the total economic output of all industries in the state. This key metric is used by policymakers and analysts to assess the health and growth of the Pennsylvania economy.
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 total value added by all industries located in Pennsylvania, providing a comprehensive view of the state's economic production. It is a vital indicator for understanding Pennsylvania's economic performance and development.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Trends in Pennsylvania's GDP are closely monitored by state officials, businesses, and economists to inform policy decisions and investment strategies.
Key Facts
- Pennsylvania's GDP totaled $810 billion in 2021.
- GDP growth in Pennsylvania averaged 2.3% annually from 2010-2020.
- The largest contributors to Pennsylvania's GDP are finance, insurance, real estate, and professional services.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: All Industry Total in Pennsylvania measures the total economic output of all industries located within the state.
Q: Why is this trend relevant for users or analysts?
A: This metric is a crucial indicator of Pennsylvania's overall economic performance and growth, providing valuable insights for policymakers, businesses, and investors.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Trends in Pennsylvania's GDP are closely monitored by state officials to inform policy decisions and support economic development strategies.
Q: Are there update delays or limitations?
A: The GDP data for Pennsylvania is released quarterly by the Bureau of Economic Analysis, with a delay of approximately 2-3 months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: All Industry Total in Pennsylvania (PANGSP), retrieved from FRED.