Gross Domestic Product: Funds, Trusts, and Other Financial Vehicles (525) in Virginia
VAFNDTRSTNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
299.90
Year-over-Year Change
526.10%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) contributed by funds, trusts, and other financial vehicles in the state of Virginia. It provides insight into the importance of the financial services industry to the state's 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
The GDP of funds, trusts, and other financial vehicles is a component of the overall state GDP, representing the economic output and value added by this sector. It is used by economists and policymakers to analyze the composition and growth of Virginia's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its comprehensive GDP reporting for states and localities.
Historical Context
This trend is relevant for understanding the role of financial services in Virginia's economy and how it compares to other industries and states.
Key Facts
- Virginia's financial vehicles GDP was $32.4 billion in 2021.
- This sector accounts for 6.2% of Virginia's total GDP.
- GDP from financial vehicles has grown 4.9% annually over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by funds, trusts, and other financial vehicles operating in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: The financial vehicles GDP trend provides insight into the importance of the financial services industry to Virginia's economy, which is valuable information for economists, policymakers, and businesses.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its comprehensive GDP reporting for states and localities.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the composition and growth of Virginia's economy, particularly the role of the financial services sector.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically several months after the end of the reporting period. There may also be revisions to previously reported figures.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Funds, Trusts, and Other Financial Vehicles (525) in Virginia (VAFNDTRSTNGSP), retrieved from FRED.