Real Gross Domestic Product: Farms (111-112) in Idaho
IDFARMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,638.50
Year-over-Year Change
13.81%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) generated by the farm sector in the state of Idaho. It provides valuable insights into the productivity and economic impact of the agricultural 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: Farms (111-112) in Idaho series tracks the inflation-adjusted economic output of the farming industry in Idaho. It is a key indicator of the agricultural sector's contribution to the state's overall economic performance and can inform policy decisions related to agricultural development and support.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
This trend is closely monitored by policymakers, economists, and industry analysts to assess the health and competitiveness of Idaho's agricultural sector.
Key Facts
- Idaho is one of the top agricultural-producing states in the U.S.
- The farm sector accounts for a significant portion of Idaho's overall economic output.
- Real GDP from Idaho's farms has shown steady growth in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) generated by the farm sector in the state of Idaho, providing insights into the productivity and economic impact of the agricultural industry.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for understanding the health and competitiveness of Idaho's agricultural sector, which is a key driver of the state's economy. It informs policy decisions and market analysis related to the farming industry.
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 income and product accounting methods.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, economists, and industry analysts to assess the agricultural sector's contribution to Idaho's overall economic performance and inform policy decisions related to agricultural development and support.
Q: Are there update delays or limitations?
A: The data is subject to the normal release schedule and potential revisions from the U.S. Bureau of Economic Analysis, which may result in minor delays or changes to the reported figures.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Farms (111-112) in Idaho (IDFARMRGSP), retrieved from FRED.