Real Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in Maine
MEFRSTFISHRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
542.50
Year-over-Year Change
3.99%
Date Range
1/1/1997 - 1/1/2023
Summary
This series measures the real gross domestic product (GDP) of the forestry, fishing, and related activities sector in Maine. It provides insights into the economic performance and trends of this important industry within 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
The Real Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in Maine series is a key economic indicator that tracks the inflation-adjusted output of the forestry, fishing, and related activities sector in the state. It helps economists and policymakers understand the strength and dynamics of this natural resource-based industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is closely monitored by state and federal officials to inform economic development policies and resource management decisions.
Key Facts
- Maine's forestry and fishing sectors account for over 6% of the state's GDP.
- The real GDP of this industry has grown by 12% in the past decade.
- Forestry and fishing are major employers in rural Maine communities.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the forestry, fishing, and related activities sector in the state of Maine.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the economic performance and competitiveness of Maine's natural resource-based industries, which are crucial for the state's 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: State and federal officials monitor this trend to inform economic development policies and resource management decisions related to Maine's forestry and fishing sectors.
Q: Are there update delays or limitations?
A: The data is published with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in Maine (MEFRSTFISHRGSP), retrieved from FRED.