Real Gross Domestic Product: Farms (111-112) in Maine
MEFARMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
249.10
Year-over-Year Change
-21.00%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the farm sector in Maine. It provides important insights into the economic performance and productivity of the state's agricultural industry.
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: Farms (111-112) in Maine indicator tracks the total economic output of the farm sector in the state, adjusted for inflation. It is a key metric for understanding the relative size and contribution of agriculture to Maine's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and industry analysts closely monitor this trend to assess the health and competitiveness of Maine's farm economy.
Key Facts
- Maine is one of the top agricultural states in New England.
- The farm sector accounts for over 3% of Maine's total economic output.
- Real farm GDP in Maine has grown by 12% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the real gross domestic product (GDP) of the farm sector in the state of Maine, providing a measure of the total economic output and productivity of the agricultural industry.
Q: Why is this trend relevant for users or analysts?
A: The Real Gross Domestic Product: Farms (111-112) in Maine trend is an important metric for understanding the relative size and economic performance of the state's agricultural sector, which is a key driver of the overall Maine economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts closely monitor this trend to assess the health and competitiveness of Maine's farm economy, informing decisions related to agricultural support, trade, and economic development policies.
Q: Are there update delays or limitations?
A: The Real Gross Domestic Product: Farms (111-112) in Maine data is updated regularly by the U.S. Bureau of Economic Analysis, typically with a lag of several months from the end of the reporting period.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Farms (111-112) in Maine (MEFARMRGSP), retrieved from FRED.