Chain-Type Quantity Index for Real GDP: Farms (111-112) in Minnesota
MNFARMQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
111.04
Year-over-Year Change
12.37%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Farms (111-112) in Minnesota measures the inflation-adjusted output of the farming industry in the state. This metric provides insight into the productivity and economic contribution of Minnesota's agricultural sector.
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 GDP contributed by the farm industry in Minnesota. Economists and policymakers use this indicator to assess the overall health and performance of the state's agricultural economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted formula to account for price changes over time.
Historical Context
This metric is used to inform agricultural and economic development policies in Minnesota.
Key Facts
- The index is based on the North American Industry Classification System (NAICS) codes 111-112.
- Minnesota is a major agricultural producer, contributing over $17 billion to the state's economy annually.
- The index is published quarterly by the U.S. Bureau of Economic Analysis.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Farms (111-112) in Minnesota measures the inflation-adjusted output of the farming industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the productivity and economic contribution of Minnesota's agricultural sector, which is a key driver of the state's economy.
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 formula to account for price changes over time.
Q: How is this trend used in economic policy?
A: This metric is used to inform agricultural and economic development policies in Minnesota, as it reflects the performance and economic impact of the state's farming industry.
Q: Are there update delays or limitations?
A: The index is published quarterly by the U.S. Bureau of Economic Analysis, so there may be a short delay in the availability of the most recent data.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Farms (111-112) in Minnesota (MNFARMQGSP), retrieved from FRED.