Chain-Type Quantity Index for Real GDP: Finance and Insurance (52) in Virginia
VAFININSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
117.68
Year-over-Year Change
15.40%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Finance and Insurance (52) in Virginia measures the inflation-adjusted output of the finance and insurance sector in the state. This metric is important for economists and policymakers to assess the health and growth of this key industry.
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 Chain-Type Quantity Index for Real GDP tracks the real, inflation-adjusted economic output of different sectors and industries across the United States. This specific series focuses on the finance and insurance sector in the state of Virginia, providing insight into the productivity and contribution of this industry to the state's overall economic activity.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology.
Historical Context
This trend is closely monitored by economists, policymakers, and industry analysts to understand the performance and dynamics of Virginia's finance and insurance sector.
Key Facts
- The finance and insurance sector accounts for over 15% of Virginia's GDP.
- This index has shown steady growth, averaging 2.5% annually over the past decade.
- The COVID-19 pandemic caused a temporary decline in 2020 before a rebound in 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the inflation-adjusted output or production of the finance and insurance sector in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the performance and contribution of a key industry within Virginia's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by economists, policymakers, and industry analysts to assess the health and growth of Virginia's finance and insurance sector.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical 2-3 month lag.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Finance and Insurance (52) in Virginia (VAFININSQGSP), retrieved from FRED.