Real Gross Domestic Product: Farms (111-112) in Alabama
ALFARMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,590.30
Year-over-Year Change
93.21%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Farms (111-112) in Alabama trend measures the real output of the farming sector in the state, adjusting for inflation. This metric is crucial for understanding the overall health and productivity of Alabama's agricultural 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
This series tracks the real gross domestic product (GDP) originating from farms, including crop and animal production, in the state of Alabama. It is an important indicator of the agricultural sector's contribution to the state's economic activity and can inform policy decisions regarding the farming industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is widely used by economists, policymakers, and industry analysts to assess the performance and competitiveness of Alabama's agricultural sector.
Key Facts
- Alabama is one of the top agricultural states in the U.S.
- The farming sector accounts for over 5% of the state's GDP.
- Crop production, including cotton, peanuts, and soybeans, is a major contributor.
FAQs
Q: What does this economic trend measure?
A: The Real Gross Domestic Product: Farms (111-112) in Alabama trend measures the real output or value-added of the farming sector in the state, adjusting for inflation.
Q: Why is this trend relevant for users or analysts?
A: This trend is crucial for understanding the overall health and productivity of Alabama's agricultural economy, which is a significant contributor to the state's economic activity.
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: This trend is widely used by economists, policymakers, and industry analysts to assess the performance and competitiveness of Alabama's agricultural sector, which can inform policy decisions regarding the farming industry.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, with some potential for minor delays in publication.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Farms (111-112) in Alabama (ALFARMRGSP), retrieved from FRED.