Gross Domestic Product: Farms (111-112) in Arkansas
ARFARMNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,706.40
Year-over-Year Change
116.03%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Farms (111-112) in Arkansas series measures the economic output of the farming sector in the state. This metric is crucial for understanding Arkansas' agricultural economy and its contribution to the state's overall economic performance.
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 represents the total value of goods and services produced by the farming industry in Arkansas, including crop and animal production. It is an important indicator of the health and productivity of the state's agricultural sector, which plays a significant role in Arkansas' economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and analysts use this metric to gauge the agricultural industry's impact on Arkansas' economy and inform economic development strategies.
Key Facts
- Arkansas is a major agricultural state, contributing significantly to the nation's food supply.
- The farming industry accounts for over 10% of Arkansas' GDP.
- Crop production, including rice, soybeans, and cotton, is a key driver of the state's agricultural output.
FAQs
Q: What does this economic trend measure?
A: This series measures the total value of goods and services produced by the farming industry in Arkansas, including crop and animal production.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for understanding Arkansas' agricultural economy and its contribution to the state's overall economic performance, which is important for policymakers and analysts.
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 metric to gauge the agricultural industry's impact on Arkansas' economy and inform economic development strategies.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis, with potential delays due to the comprehensive nature of the calculations.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Farms (111-112) in Arkansas (ARFARMNGSP), retrieved from FRED.