Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in Minnesota
MNFRSTFISHNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
603.60
Year-over-Year Change
83.41%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) contribution of the forestry, fishing, and related activities sector in Minnesota. It provides insights into the productivity and importance of these natural resource-based industries within the state's economy.
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 Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in Minnesota series tracks the economic output of activities such as timber harvesting, commercial fishing, and aquaculture. This data is used by policymakers and analysts to assess the relative strength and trends within Minnesota's natural resource industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard national accounting methods.
Historical Context
This economic indicator is relevant for understanding Minnesota's natural resource-based industries and their role in the state's overall economic performance.
Key Facts
- Minnesota's forestry and fishing sectors accounted for 1.2% of the state's GDP in 2020.
- Commercial fishing, including aquaculture, is a $350 million industry in Minnesota.
- The forestry industry in Minnesota employs over 18,000 workers.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the forestry, fishing, and related activities sector in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the productivity and importance of Minnesota's natural resource-based industries, which is relevant for policymakers and analysts assessing the state's economic performance.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard national accounting methods.
Q: How is this trend used in economic policy?
A: This economic indicator is used by policymakers and analysts to understand the role of Minnesota's natural resource-based industries in the state's overall economic performance.
Q: Are there update delays or limitations?
A: The data is published regularly by the U.S. Bureau of Economic Analysis, but there may be some update delays due to the time required for data collection and analysis.
Related Trends
State Tax Collections: T22 Corporations in General License for Minnesota
QTAXT22QTAXCAT3MNNO
Estimate of Related Children Age 5-17 in Families in Poverty for Minnesota
PE5T17MN27000A647NCEN
Coefficient for Industrial Carbon Dioxide Emissions, Industrial Other for Minnesota
EMISSCO2CCLICBMNA
Real Gross Domestic Product: Transportation and Warehousing (48-49) in Minnesota
MNTRANSWARERQGSP
All Employees: Manufacturing: Durable Goods: Navigational, Measuring, Electromedical, and Control Instruments Manufacturing in Minnesota
SMU27000003133450001
Not in Labor Force: Discouraged Workers for Minnesota
DISCWORKMN
Citation
U.S. Federal Reserve, Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in Minnesota (MNFRSTFISHNGSP), retrieved from FRED.