Real Gross Domestic Product: Farms (111-112) in Illinois
ILFARMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,777.50
Year-over-Year Change
33.47%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Farms (111-112) in Illinois trend measures the real economic output of the agricultural sector in Illinois, adjusting for inflation. This metric is important for economists and policymakers to understand the productivity and health of a key industry in 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
This series represents the real, inflation-adjusted gross domestic product (GDP) generated by farms in the agricultural, forestry, fishing, and hunting industry in the state of Illinois. It is a key indicator of the economic performance and productivity of a vital sector in the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and analysts monitor this trend to assess the agricultural industry's contribution to the broader state economy and make informed decisions.
Key Facts
- Illinois is a major agricultural state, producing over $19 billion in farm products annually.
- The farm sector accounts for over 1% of Illinois' total economic output.
- Real farm GDP in Illinois has grown by 25% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) generated by the farm sector in Illinois, including agriculture, forestry, fishing, and hunting.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the productivity and health of a critical industry in the Illinois economy.
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 accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this trend to assess the agricultural industry's contribution to the broader state economy and make informed decisions.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the Federal Reserve, with a typical 2-3 month release lag.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Farms (111-112) in Illinois (ILFARMRGSP), retrieved from FRED.