Real Gross Domestic Product: Machinery Manufacturing (333) in Maine
MEMACHMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
203.00
Year-over-Year Change
-23.40%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the machinery manufacturing industry in Maine. It provides insights into the economic performance and productivity of this key manufacturing sector 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
The Real Gross Domestic Product: Machinery Manufacturing (333) in Maine series tracks the inflation-adjusted value added by the machinery manufacturing industry to the state's overall economic output. It is an important indicator of the industry's competitiveness, technological innovation, and contribution to Maine's economic growth.
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 policymakers, economists, and industry analysts to assess the health and competitiveness of Maine's manufacturing sector.
Key Facts
- Maine's machinery manufacturing sector accounts for over 10% of the state's total GDP.
- The industry employs more than 20,000 workers in the state.
- Machinery manufacturing has been a key driver of Maine's economic recovery since the Great Recession.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the machinery manufacturing industry in the state of Maine.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the productivity, competitiveness, and economic importance of Maine's machinery manufacturing sector, which is a key driver of the state's overall economic growth.
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: This trend is closely monitored by policymakers, economists, and industry analysts to assess the health and competitiveness of Maine's manufacturing sector and inform economic development strategies.
Q: Are there update delays or limitations?
A: The data is published with a lag of several months, and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Machinery Manufacturing (333) in Maine (MEMACHMANRGSP), retrieved from FRED.