Chain-Type Quantity Index for Real GDP: Agriculture, Forestry, Fishing and Hunting (11) in Pennsylvania
PAAGRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
123.64
Year-over-Year Change
46.56%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Agriculture, Forestry, Fishing and Hunting (11) in Pennsylvania measures the real output of the agricultural sector in the state. It is a key indicator of economic activity and productivity in this important 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
This index tracks the volume of goods and services produced by the agriculture, forestry, fishing, and hunting sectors in Pennsylvania. It is used by economists and policymakers to assess the health and trends within these industries, which are crucial components of the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology to track real GDP by industry.
Historical Context
Fluctuations in this index can inform agricultural and environmental policies, as well as provide insights into broader economic conditions within Pennsylvania.
Key Facts
- Pennsylvania is a major agricultural state, ranking among the top producers of dairy, poultry, and other crops.
- The agriculture, forestry, fishing, and hunting sector accounts for over 2% of Pennsylvania's total GDP.
- This index has shown steady growth in recent years, reflecting the strength and resilience of these industries in the state.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of the agriculture, forestry, fishing, and hunting sectors in the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and productivity of key industries that are crucial to Pennsylvania's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology to track real GDP by industry.
Q: How is this trend used in economic policy?
A: Fluctuations in this index can inform agricultural and environmental policies, as well as provide insights into broader economic conditions within Pennsylvania.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical lag of 1-2 months, providing timely information on this important sector.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Agriculture, Forestry, Fishing and Hunting (11) in Pennsylvania (PAAGRQGSP), retrieved from FRED.