Real Gross Domestic Product: Retail Trade (44-45) in Utah
UTRETAILRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
17,763.70
Year-over-Year Change
27.92%
Date Range
1/1/2005 - 1/1/2025
Summary
The Real Gross Domestic Product: Retail Trade (44-45) in Utah measures the inflation-adjusted output of the retail trade industry in the state of Utah. This metric is a key indicator of economic activity and consumer spending in the region.
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, which includes establishments engaged in the sale of merchandise and the provision of services incidental to the sale of merchandise, to the overall gross domestic product of Utah. It is used by economists and policymakers to assess the health and growth of the state's consumer-driven economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Trends in this metric are closely monitored by government agencies, central banks, and market analysts to inform economic policy and investment decisions.
Key Facts
- Utah's retail trade industry accounts for over 10% of the state's GDP.
- Real retail GDP in Utah has grown by an average of 3% annually over the past decade.
- The COVID-19 pandemic caused a sharp decline in Utah's retail trade output in 2020.
FAQs
Q: What does this economic trend measure?
A: This metric measures the inflation-adjusted value added by the retail trade industry to the overall gross domestic product of the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: Trends in Utah's retail trade GDP are closely watched by economists and policymakers as an indicator of consumer spending and overall economic activity in the state.
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: Governments, central banks, and market analysts use this metric to inform economic policy decisions and investment strategies in Utah and the surrounding region.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Retail Trade (44-45) in Utah (UTRETAILRQGSP), retrieved from FRED.