Gross Domestic Product: Farms (111-112) in Illinois
ILFARMNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
11,673.50
Year-over-Year Change
56.35%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Farms (111-112) in Illinois measures the economic output of the farming sector in the state of Illinois. This metric is important for understanding the role of agriculture in the state's economy and informing policy decisions.
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 gross domestic product (GDP) originating from the farm sector in Illinois, including crop and animal production. It is a key indicator of the overall health and productivity of the state's agricultural industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and economists use this trend to analyze the agricultural economy and its impacts on the broader state economy.
Key Facts
- Illinois is a major agricultural state, producing a variety of crops and livestock.
- The farming sector accounts for a significant portion of Illinois' economic output.
- GDP from Illinois farms has fluctuated in recent years due to weather, trade, and other factors.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Farms (111-112) in Illinois measures the real economic output or value added by the farming sector in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend is important for understanding the role of agriculture in Illinois' economy and informing policy decisions that impact 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.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to analyze the agricultural economy and its broader impacts on the state's economy.
Q: Are there update delays or limitations?
A: There may be lags in data availability, and the metric may not capture all aspects of the Illinois farming economy.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Farms (111-112) in Illinois (ILFARMNGSP), retrieved from FRED.