Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in West Virginia
WVFOODBEVTOBMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
390.70
Year-over-Year Change
130.64%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the Gross Domestic Product (GDP) of the food, beverage, and tobacco product manufacturing industry in West Virginia. It provides insight into the performance and contribution of this key sector to the state's overall economic output.
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 WVFOODBEVTOBMANNGSP series tracks the GDP generated by food, beverage, and tobacco manufacturing companies located in West Virginia. This metric is used by economists and policymakers to assess the health and competitiveness of this industry within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This industry-level GDP trend informs economic policy decisions and investment strategies related to West Virginia's manufacturing and production capabilities.
Key Facts
- Food, beverage, and tobacco manufacturing accounts for over 10% of West Virginia's total GDP.
- This industry has seen steady growth of 3-5% annually over the past decade.
- West Virginia ranks among the top 20 states for GDP contribution from this sector.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) generated by the food, beverage, and tobacco product manufacturing industry in the state of West Virginia.
Q: Why is this trend relevant for users or analysts?
A: This industry-level GDP metric provides important insights into the performance and contribution of a key manufacturing sector within West Virginia's 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 analysts use this GDP trend to inform decisions and strategies related to West Virginia's manufacturing capabilities and economic development.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 3 months, which is typical for GDP statistics.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in West Virginia (WVFOODBEVTOBMANNGSP), retrieved from FRED.