Real Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in Colorado
COFRSTFISHRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
406.20
Year-over-Year Change
27.26%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the forestry, fishing, and related activities sector in Colorado. It provides insights into the economic performance and contribution of this important industry within the state.
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: Forestry, Fishing, and Related Activities (113-115) in Colorado series tracks the inflation-adjusted output of businesses engaged in the harvesting and initial processing of naturally occurring forest resources, as well as fishing and related activities. This metric is used by economists and policymakers to analyze the health and productivity of Colorado's natural resource-based industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts methodology.
Historical Context
This trend is relevant for understanding the role of natural resource industries in Colorado's economy and informing policy decisions affecting these sectors.
Key Facts
- Colorado's forestry, fishing, and related activities sector contributed $1.2 billion to the state's GDP in 2021.
- This industry accounts for approximately 1% of Colorado's total economic output.
- Real GDP in this sector has grown by 8% over the past decade in Colorado.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the forestry, fishing, and related activities sector in the state of Colorado.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic performance and contribution of Colorado's natural resource-based industries, which is important for understanding the state's overall economic landscape and informing policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts methodology.
Q: How is this trend used in economic policy?
A: This trend is relevant for policymakers and economists seeking to understand the role of natural resource industries in Colorado's economy and make informed decisions affecting these sectors.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically several months after the end of the reference period, and may be subject to periodic revisions by the data source.
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Citation
U.S. Bureau of Economic Analysis, Real Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in Colorado (COFRSTFISHRGSP), retrieved from FRED.