Real Gross Domestic Product: Other Services (Except Government and Government Enterprises) (81) in West Virginia
WVOTHSERVERQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,376.00
Year-over-Year Change
-10.18%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures real gross domestic product (GDP) for the 'Other Services (Except Government and Government Enterprises)' sector in West Virginia. It provides insight into the performance and growth of this key service industry within 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 'Other Services (Except Government and Government Enterprises)' sector includes a wide range of personal and repair services, religious and civic organizations, and other non-government entities. Tracking this industry's real GDP is valuable for understanding West Virginia's overall economic composition and dynamics.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national accounts and survey methods.
Historical Context
This economic indicator is widely used by policymakers, analysts, and businesses to monitor West Virginia's service industry performance and guide economic planning and decision-making.
Key Facts
- Real GDP for West Virginia's 'Other Services' sector was $6.4 billion in 2021.
- This industry accounts for over 7% of the state's total real GDP.
- The 'Other Services' sector grew by 3.2% in 2021 after a 2.9% decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the 'Other Services (Except Government and Government Enterprises)' sector in the state of West Virginia.
Q: Why is this trend relevant for users or analysts?
A: Tracking the real GDP of West Virginia's 'Other Services' sector provides valuable insights into the performance and growth of this key industry, which is important for understanding the state's overall economic composition and dynamics.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using national accounts and survey methods.
Q: How is this trend used in economic policy?
A: This economic indicator is widely used by policymakers, analysts, and businesses to monitor West Virginia's service industry performance and guide economic planning and decision-making.
Q: Are there update delays or limitations?
A: There may be some update delays or limitations due to the complexity of data collection and calculation, but the Federal Reserve provides the most current and reliable information available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Other Services (Except Government and Government Enterprises) (81) in West Virginia (WVOTHSERVERQGSP), retrieved from FRED.