Real Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in Idaho
IDFOODBEVTOBMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,969.50
Year-over-Year Change
74.29%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic indicator measures the real gross domestic product (GDP) of the food, beverage, and tobacco product manufacturing industries in Idaho. It provides insight into the productivity and growth of this key sector of the state's economy.
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: Food and Beverage and Tobacco Product Manufacturing (311-312) in Idaho is a measure of the inflation-adjusted economic output of these manufacturing industries within the state. It is used by economists and policymakers to analyze the performance and contribution of this segment of Idaho's industrial base.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using production and pricing information.
Historical Context
Trends in this metric can inform discussions around economic policy, industry regulations, and investment decisions.
Key Facts
- Idaho's food, beverage, and tobacco manufacturing industries account for over 10% of the state's total GDP.
- This sector experienced steady growth of around 3% annually from 2015 to 2020.
- The COVID-19 pandemic caused a temporary 5% decline in 2020 before a rebound in 2021.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real (inflation-adjusted) gross domestic product of the food, beverage, and tobacco product manufacturing industries in the state of Idaho.
Q: Why is this trend relevant for users or analysts?
A: Trends in this indicator provide valuable insights into the productivity and economic contribution of a key manufacturing sector in Idaho, which can inform policy decisions and investment strategies.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using production volumes and pricing information.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this metric to understand the performance and competitiveness of Idaho's food, beverage, and tobacco manufacturing industries, which can inform decisions around economic development, trade, and regulatory policies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two months, so it may not reflect the most recent economic conditions. Additionally, the series covers a specific subset of manufacturing industries and may not fully capture the broader economic activity in Idaho.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in Idaho (IDFOODBEVTOBMANRGSP), retrieved from FRED.