Real Gross Domestic Product: Farms (111-112) in Louisiana
LAFARMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
966.80
Year-over-Year Change
-6.49%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Farms (111-112) in Louisiana' measures the economic output of the farming sector in Louisiana, adjusted for inflation. This metric is important for understanding the health and productivity of the state's agricultural industry.
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) value added by the farming sector, including crop and animal production, to Louisiana's overall gross domestic product. It provides insight into the relative size and performance of this key industry within the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using national income and product accounts methodology.
Historical Context
Policymakers and analysts use this metric to gauge the economic conditions and trends in Louisiana's agricultural sector.
Key Facts
- Louisiana's farm GDP accounts for approximately 2% of the state's total economic output.
- The farming sector in Louisiana has experienced moderate growth in recent years.
- Crop production makes up the largest share of the state's agricultural GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product generated by the farming sector in Louisiana, including crop and animal production.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the economic performance and relative importance of Louisiana's agricultural industry, which is a key component of the state's overall economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using national income and product accounts methodology.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to gauge the health and productivity of Louisiana's agricultural sector, which can inform policy decisions and economic development strategies.
Q: Are there update delays or limitations?
A: The data is typically released on a quarterly basis, with some potential for delays in the publication of the most recent figures.
Related Trends
Industrial Carbon Dioxide Emissions, Distillate Fuel for Louisiana
EMISSCO2VDFICBLAA
Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Louisiana
LATRANGRNDTRANNGSP
Coefficient for Transportation Carbon Dioxide Emissions, Motor Gasoline for Louisiana
EMISSCO2CMGACBLAA
Production or Nonsupervisory Employees: Mining and Logging in Louisiana
SMU22000001000000006A
All Employees: Leisure and Hospitality in Louisiana
LALEIH
Total Carbon Dioxide Emissions From All Sectors, Natural Gas for Louisiana
EMISSCO2TOTVTTNGLAA
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Farms (111-112) in Louisiana (LAFARMRGSP), retrieved from FRED.