Gross Domestic Product: Farms (111-112) in Florida
FLFARMNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,975.60
Year-over-Year Change
38.59%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Farms (111-112) in Florida measures the economic output of the agricultural sector in the state. This statistic is important for understanding Florida's overall economic performance and the role of the farming 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 series represents the gross domestic product (GDP) generated by farms, including crop and animal production, in the state of Florida. It is a key indicator of the size and productivity of the agricultural sector within the state's broader economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Historical Context
Policymakers and economists use this metric to assess the health and contribution of the farming industry to Florida's economic growth.
Key Facts
- Florida is a major agricultural producer in the United States.
- The farming industry accounts for over 2% of Florida's GDP.
- Crop production, including citrus fruits, is a significant component of the state's agricultural output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by the farms and agricultural sector in the state of Florida.
Q: Why is this trend relevant for users or analysts?
A: The Florida farms GDP trend provides insight into the size and productivity of the state's agricultural industry, which is an important component of the overall 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 surveys and economic modeling.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess the health and contribution of the farming industry to Florida's economic growth and development.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates and revisions by the source agency, the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Farms (111-112) in Florida (FLFARMNGSP), retrieved from FRED.