Chain-Type Quantity Index for Real GDP: Military in Virginia
VAGOVFEDMILQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
92.11
Year-over-Year Change
-13.48%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Military in Virginia measures the real economic output of the military sector in the state of Virginia. This metric is important for understanding the role of government spending in the Virginia 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 index tracks the volume of goods and services produced by the military in Virginia, adjusted for inflation. It provides insights into the economic impact of the defense industry, which is a significant driver of economic activity in the state.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Historical Context
This metric is used by policymakers and economists to assess the influence of military spending on Virginia's economic performance.
Key Facts
- Virginia is home to the world's largest naval base.
- The military accounts for over 40% of Virginia's GDP.
- Defense spending is a major driver of economic growth in Virginia.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real economic output of the military sector in the state of Virginia, adjusting for inflation.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the economic impact of the defense industry, which is a significant driver of economic activity in Virginia.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Q: How is this trend used in economic policy?
A: This metric is used by policymakers and economists to assess the influence of military spending on Virginia's economic performance.
Q: Are there update delays or limitations?
A: There may be some delay in the release of this data due to the complexity of measuring military economic activity.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Military in Virginia (VAGOVFEDMILQGSP), retrieved from FRED.