Real Gross Domestic Product: Farms (111-112) in Florida
FLFARMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,981.30
Year-over-Year Change
18.30%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Farms (111-112) in Florida measures the economic output of the agricultural sector in the state. This metric provides insights into the overall health and productivity of Florida's 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 real, inflation-adjusted gross domestic product originating from farms, including crop and animal production, in the state of Florida. It is a key indicator of the performance and contribution of the agricultural sector to the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using inputs from surveys and administrative records.
Historical Context
Policymakers and economists use this metric to gauge the strength and competitive position of Florida's agricultural industry.
Key Facts
- Florida is a major agricultural state, contributing over $7 billion to the state's GDP annually.
- The agricultural sector employs more than 47,000 people in Florida.
- Florida is a leading producer of citrus fruits, vegetables, and livestock in the United States.
FAQs
Q: What does this economic trend measure?
A: The Real Gross Domestic Product: Farms (111-112) in Florida measures the economic output and productivity of the agricultural sector in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the health and competitiveness of Florida's farming industry, which is a significant contributor to the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using inputs from surveys and administrative records.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess the strength and performance of Florida's agricultural sector, which informs policy decisions and economic development strategies.
Q: Are there update delays or limitations?
A: The data is released on a quarterly basis, with a delay of approximately two months after the end of the reference quarter.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Farms (111-112) in Florida (FLFARMRGSP), retrieved from FRED.