Real Gross Domestic Product: Private Industries in West Virginia
WVPIRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
71,386.10
Year-over-Year Change
11.98%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic indicator measures the real gross domestic product (GDP) of private industries in the state of West Virginia. It provides insights into the health and performance of the state's private sector 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 Real Gross Domestic Product: Private Industries in West Virginia is a key economic metric that tracks the total inflation-adjusted output of the state's private businesses and industries. It is a valuable measure for evaluating the overall economic vitality and productivity of the private sector in West Virginia.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Historical Context
This trend is widely used by policymakers, economists, and market analysts to assess West Virginia's economic conditions and make informed decisions.
Key Facts
- West Virginia's private industries account for over 80% of the state's GDP.
- The Real GDP of West Virginia's private sector has grown by 3.2% over the past year.
- Manufacturing is the largest private industry in West Virginia, contributing over 20% to the state's GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total real (inflation-adjusted) gross domestic product of private industries and businesses located in the state of West Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the overall health and performance of West Virginia's private sector economy, which is crucial for understanding the state's economic conditions and growth potential.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and market analysts use this trend to assess West Virginia's economic conditions, make informed decisions, and develop policies that support the growth and development of the state's private sector.
Q: Are there update delays or limitations?
A: The data is typically published on a quarterly basis, with a slight delay to allow for comprehensive data collection and analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Industries in West Virginia (WVPIRQGSP), retrieved from FRED.