Chain-Type Quantity Index for Real GDP: Forestry, Fishing, and Related Activities (113-115) in Minnesota
MNFRSTFISHQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
110.84
Year-over-Year Change
38.06%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Forestry, Fishing, and Related Activities (113-115) in Minnesota measures the volume of economic output from these industries 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
This index tracks changes in the real, inflation-adjusted value of goods and services produced by the forestry, fishing, and related activities sector in Minnesota. It is a key indicator of the health and productivity of these important natural resource-based industries.
Methodology
The data is calculated based on Bureau of Economic Analysis estimates of real GDP by industry.
Historical Context
This index provides insight into the overall performance of Minnesota's natural resource economy.
Key Facts
- The index uses 2012 as the base year with a value of 100.
- Forestry and fishing account for over 2% of Minnesota's total GDP.
- The index has shown moderate growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted volume of economic output from the forestry, fishing, and related activities sector in Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This index provides insight into the health and productivity of an important natural resource-based industry in Minnesota's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the Bureau of Economic Analysis based on estimates of real GDP by industry.
Q: How is this trend used in economic policy?
A: This index can inform policymakers and analysts about the performance of Minnesota's natural resource economy and guide decisions around industry support and regulation.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the Bureau of Economic Analysis and may have a several-month lag in availability.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Forestry, Fishing, and Related Activities (113-115) in Minnesota (MNFRSTFISHQGSP), retrieved from FRED.