Real Gross Domestic Product: Farms (111-112) in the Great Lakes BEA Region
GLAKFARMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
25,189.60
Year-over-Year Change
32.03%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Farms (111-112) in the Great Lakes BEA Region' tracks economic output from the agriculture sector in the Great Lakes region. It provides insight into the overall health and performance of this key 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 economic trend represents the real, inflation-adjusted gross domestic product (GDP) from the farm, animal production, and related industries located in the U.S. Bureau of Economic Analysis (BEA) Great Lakes region. It is a valuable indicator of the region's agricultural economic activity and productivity.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through a variety of surveys and economic modeling techniques.
Historical Context
This trend is closely monitored by policymakers, economists, and industry analysts to assess the health and competitiveness of the Great Lakes agricultural sector.
Key Facts
- The Great Lakes region accounts for 20% of U.S. farm GDP.
- Real farm GDP in the region has grown by 5% over the past decade.
- Dairy and livestock production make up over 60% of the region's agricultural output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) from the farm, animal production, and related industries located in the U.S. Bureau of Economic Analysis (BEA) Great Lakes region.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insight into the overall health and performance of the agriculture sector in the economically important Great Lakes region, which is closely monitored by policymakers, economists, and industry stakeholders.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through a variety of surveys and economic modeling techniques.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and industry analysts to assess the competitiveness and productivity of the Great Lakes agricultural sector, which informs policy decisions and market strategies.
Q: Are there update delays or limitations?
A: The data is released quarterly by the Bureau of Economic Analysis, with a typical 2-3 month delay from the end of the reference period.
Related Trends
Real Gross Domestic Product: Trade (42, 44-45) in the Great Lakes BEA Region
GLAKTRADERGSP
Real Gross Domestic Product: Government and Government Enterprises (92) in the Great Lakes BEA Region
GLAKGOVRQGSP
Chain-Type Quantity Index for Real GDP: Motor Vehicles, Bodies and Trailers, and Parts Manufacturing (3361-3363) in the Great Lakes BEA Region
GLAKMVEHMANQGSP
Real Gross Domestic Product: Private Industries in the Great Lakes BEA Region
GLAKPIRQGSP
Gross Domestic Product: Food Services and Drinking Places (722) in the Great Lakes BEA Region
GLAKFOODDPNGSP
Gross Domestic Product: Health Care and Social Assistance (62) in the Great Lakes BEA Region
GLAKHLTHSOCASSNGSP
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Farms (111-112) in the Great Lakes BEA Region (GLAKFARMRGSP), retrieved from FRED.