Chain-Type Quantity Index for Real GDP: Farms (111-112) in Massachusetts
MAFARMQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
92.14
Year-over-Year Change
-13.37%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Farms (111-112) in Massachusetts measures the inflation-adjusted output of the farm sector in the state. This metric is crucial for analyzing the economic performance and productivity of Massachusetts' 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
The Chain-Type Quantity Index tracks changes in the real (inflation-adjusted) value of goods and services produced by the farm sector in Massachusetts. It is a key indicator used by economists and policymakers to assess the health and growth of the state's agricultural economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach to account for changes in prices and production mix over time.
Historical Context
This index helps inform decisions related to agricultural policy, investments, and trade in Massachusetts.
Key Facts
- The index is based on North American Industry Classification System (NAICS) codes 111-112.
- The base year for the index is 2012.
- Massachusetts is a leading U.S. producer of cranberries, potatoes, and dairy products.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Farms (111-112) in Massachusetts measures the inflation-adjusted output and productivity of the farm sector in the state.
Q: Why is this trend relevant for users or analysts?
A: This index is a crucial indicator of the health and growth of Massachusetts' agricultural economy, which is an important part of the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach to account for changes in prices and production over time.
Q: How is this trend used in economic policy?
A: This index helps inform decisions related to agricultural policy, investments, and trade in Massachusetts.
Q: Are there update delays or limitations?
A: The data is published regularly by the U.S. Federal Reserve, but there may be some delays in reporting due to the complexity of calculating the chain-type index.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Farms (111-112) in Massachusetts (MAFARMQGSP), retrieved from FRED.