Gross Domestic Product: Other Services (Except Government and Government Enterprises) (81) in Virginia
VAOTHSERVENQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
18,956.30
Year-over-Year Change
16.97%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the gross domestic product (GDP) of the other services (except government and government enterprises) sector in the state of Virginia. It provides insight into the performance and contribution of this key service industry to the state's overall economic activity.
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 other services (except government and government enterprises) sector includes a diverse range of businesses such as personal care services, repair and maintenance services, and religious, civic, and professional organizations. Analyzing the GDP of this sector can help policymakers and economists understand the broader economic trends and dynamics within Virginia.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of its comprehensive GDP estimates for states and local areas.
Historical Context
This economic trend is widely used by policymakers, analysts, and businesses to assess the health and growth of Virginia's service-based economy.
Key Facts
- Virginia's other services sector accounts for over 5% of the state's total GDP.
- This sector has experienced steady growth over the past decade, outpacing the overall state economy.
- The COVID-19 pandemic had a significant impact on this sector, leading to a sharp decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the other services (except government and government enterprises) sector in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: Analyzing the GDP of the other services sector provides insight into the performance and contribution of this key industry to Virginia's overall economic activity, which is valuable for policymakers, economists, 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 (BEA) as part of its comprehensive GDP estimates for states and local areas.
Q: How is this trend used in economic policy?
A: This economic trend is widely used by policymakers, analysts, and businesses to assess the health and growth of Virginia's service-based economy, which can inform economic policies and business strategies.
Q: Are there update delays or limitations?
A: The GDP data for states and local areas is typically released with a lag of several months, so there may be delays in accessing the most recent information on this trend.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Other Services (Except Government and Government Enterprises) (81) in Virginia (VAOTHSERVENQGSP), retrieved from FRED.