Real Gross Domestic Product: Farms (111-112) in North Carolina
NCFARMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,370.10
Year-over-Year Change
40.19%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Farms (111-112) in North Carolina' trend measures the real economic output of the farming sector in North Carolina. This metric is a key indicator of the state's agricultural productivity and 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 tracks the real, inflation-adjusted gross domestic product (GDP) generated by farms in North Carolina, specifically crop and animal production. It provides insights into the overall health and growth of the state's agricultural economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting methods.
Historical Context
This economic indicator is widely used by policymakers, analysts, and industry stakeholders to assess the strength and dynamics of North Carolina's farm sector.
Key Facts
- North Carolina's farming sector accounts for over $84 billion in annual economic output.
- Crop production and animal husbandry make up the majority of the state's agricultural GDP.
- The farming industry employs more than 650,000 people in North Carolina.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) generated by the farming sector in North Carolina, including crop and animal production.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the overall health and productivity of North Carolina's agricultural economy, which is a crucial driver of the state's economic growth and development.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting methods.
Q: How is this trend used in economic policy?
A: This indicator is widely used by policymakers, analysts, and industry stakeholders to assess the strength and dynamics of North Carolina's farm sector and inform policy decisions related to agriculture, trade, and regional economic development.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Farms (111-112) in North Carolina (NCFARMRGSP), retrieved from FRED.