Real Gross Domestic Product: Farms (111-112) in Missouri
MOFARMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,076.00
Year-over-Year Change
41.02%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Farms (111-112) in Missouri trend measures the real output of the farming industry in the state of Missouri, adjusted for inflation. This metric is important for economists and policymakers to assess the agricultural sector's contribution to the state's overall economic performance.
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 series represents the real value added by the farm industry (NAICS 111-112) in the state of Missouri. It is a key indicator of the productivity and health of the agricultural economy, which is a significant driver of economic activity in many states.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and market analysts use this trend to evaluate the agricultural industry's impact on the broader Missouri economy and inform policy decisions.
Key Facts
- Missouri is one of the top agricultural states in the U.S.
- Farming contributes over $88 billion annually to Missouri's economy.
- The state leads the nation in production of several key crops like soybeans and hay.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) generated by the farm industry in the state of Missouri, including crop and livestock production.
Q: Why is this trend relevant for users or analysts?
A: The real GDP of Missouri's farm sector is a critical indicator of the agricultural economy's performance and contribution to 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: Policymakers and market analysts use this trend to evaluate the agricultural industry's impact on the broader Missouri economy and inform policy decisions related to the farming sector.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Farms (111-112) in Missouri (MOFARMRGSP), retrieved from FRED.