Gross Domestic Product: Private Services-Providing Industries in Wisconsin
WIPRISERVPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
302,368.50
Year-over-Year Change
72.95%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Private Services-Providing Industries in Wisconsin measures the economic output of the service sector in the state, excluding government. It is a key indicator of Wisconsin's economic health and service industry performance.
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 gross value added by the private service-providing industries in Wisconsin, which include trade, transportation, utilities, information, financial activities, professional and business services, education, health care, and other services. It is a component of the state's overall GDP and provides insight into the dynamics of the service economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including business surveys and economic census information.
Historical Context
Policymakers and analysts use this metric to assess the strength and trajectory of Wisconsin's service sector, which is a major driver of the state's economy.
Key Facts
- Wisconsin's private service-providing industries account for over 70% of the state's GDP.
- The service sector has been a key engine of economic growth in Wisconsin in recent years.
- Real GDP for private services-providing industries in Wisconsin grew by 2.5% in 2021.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real gross value added by the private service-providing industries in the state of Wisconsin, excluding government.
Q: Why is this trend relevant for users or analysts?
A: The performance of Wisconsin's private service sector is a crucial indicator of the state's overall economic health and growth prospects.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using business surveys and economic census information.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the strength and trajectory of Wisconsin's service economy, which is a major driver of the state's GDP.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of approximately three months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Private Services-Providing Industries in Wisconsin (WIPRISERVPRONGSP), retrieved from FRED.