Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in Illinois
ILFRSTFISHNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
778.30
Year-over-Year Change
147.87%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the forestry, fishing, and related activities sector in Illinois. It provides insights into the performance and contribution of this industry to the state's overall economic activity.
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 Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in Illinois series represents the total value of goods and services produced by this specific sector within the state's economy. It is a key indicator used by economists and policymakers to analyze the health and growth of this industry and its role in the broader economic landscape.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using various statistical methods and surveys.
Historical Context
This economic trend is relevant for understanding the performance and contribution of the forestry, fishing, and related activities sector in Illinois and can inform policy decisions and market analysis.
Key Facts
- Illinois is a major producer of forestry and fishing products.
- The forestry, fishing, and related activities sector accounts for a small but significant portion of the state's GDP.
- Trends in this sector can indicate changes in resource availability, demand, and overall economic conditions.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the forestry, fishing, and related activities sector in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and contribution of the forestry, fishing, and related activities sector to Illinois' overall economic activity, which is useful for economists, policymakers, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using various statistical methods and surveys.
Q: How is this trend used in economic policy?
A: This trend can inform policy decisions related to the management and development of Illinois' forestry, fishing, and related industries, as well as broader economic planning and analysis.
Q: Are there update delays or limitations?
A: The data is subject to update schedules and potential revisions by the BEA, which may result in some delay between the reference period and the availability of the latest figures.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in Illinois (ILFRSTFISHNGSP), retrieved from FRED.