Gross Domestic Product: Private Industries in West Virginia
WVPINQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
94,504.60
Year-over-Year Change
18.84%
Date Range
1/1/2005 - 1/1/2025
Summary
The Gross Domestic Product: Private Industries in West Virginia measures the total economic output of private industries in the state. It is a key indicator of the health and growth of West Virginia's private sector.
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 tracks the total inflation-adjusted value added by private companies and organizations in West Virginia, excluding government activities. It provides insights into the performance and productivity of the state's private economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using income and production information.
Historical Context
Analysts and policymakers use this metric to assess West Virginia's economic conditions and competitiveness.
Key Facts
- West Virginia's private GDP was $82.7 billion in 2021.
- The private sector accounts for over 80% of West Virginia's total economic output.
- Private GDP growth in West Virginia has averaged 2.3% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Private Industries in West Virginia measures the total economic output of private companies and organizations in the state, excluding government activities.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the performance and productivity of West Virginia's private sector, which is crucial for understanding the state's overall economic conditions and competitiveness.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using income and production information.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this metric to assess West Virginia's economic conditions and competitiveness, which can inform policy decisions and economic development strategies.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of approximately 2-3 months, so it may not reflect the most recent economic conditions.
Related Trends
Proprietors' Nonfarm Income in West Virginia
WVONON
Gross Domestic Product: Machinery Manufacturing (333) in West Virginia
WVMACHMANNGSP
Interbank Deposits in Commercial Member Banks in West Virginia
X08IOMBIWV
Residential Carbon Dioxide Emissions, Kerosene for West Virginia
EMISSCO2VKSRCBWVA
Average Weekly Earnings of All Employees: Mining and Logging in West Virginia
SMU54000001000000011A
Gross Domestic Product: Government and Government Enterprises (92) in West Virginia
WVGOVNGSP
Citation
U.S. Federal Reserve, Gross Domestic Product: Private Industries in West Virginia (WVPINQGSP), retrieved from FRED.