Real Gross Domestic Product: Farms (111-112) in Ohio
OHFARMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,620.20
Year-over-Year Change
44.64%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Farms (111-112) in Ohio' series measures the inflation-adjusted economic output of the farming sector in Ohio. This metric is crucial for understanding agricultural productivity and the health of the state's rural 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
This series tracks the real GDP, or total inflation-adjusted economic output, generated by farms in Ohio's agricultural subsectors 111 (Crop Production) and 112 (Animal Production). It provides insight into the scale and efficiency of Ohio's farming industry, a major component of the state's overall economic activity.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using income and output data from farms in Ohio.
Historical Context
Policymakers and agricultural economists closely monitor this metric to gauge the competitiveness and profitability of Ohio's farming sector.
Key Facts
- Ohio is a top 10 agricultural state by GDP.
- Farming accounts for over 5% of Ohio's total economic output.
- Real farm GDP in Ohio grew by 3.2% in 2021.
FAQs
Q: What does this economic trend measure?
A: The 'Real Gross Domestic Product: Farms (111-112) in Ohio' series measures the total inflation-adjusted economic output of the crop and animal production sectors in Ohio.
Q: Why is this trend relevant for users or analysts?
A: This metric provides crucial insights into the productivity and profitability of Ohio's agricultural industry, 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 income and output data reported by farms in Ohio.
Q: How is this trend used in economic policy?
A: Policymakers and agricultural economists monitor this metric to assess the competitiveness and long-term viability of Ohio's farming sector.
Q: Are there update delays or limitations?
A: There is typically a 2-3 month lag in the release of this data by the Bureau of Economic Analysis.
Related Trends
Gross Domestic Product: All Industry Total in Ohio
OHNGSP
All Employees: Professional and Business Services: Management, Scientific, and Technical Consulting Services in Ohio
SMU39000006054160001
Number of Identified Exporters to Switzerland from Ohio
OHCHEA475SCEN
All Employees: Manufacturing: Non-Durable Goods: Rubber Product Manufacturing in Ohio
SMU39000003232620001SA
Average Hourly Earnings of All Employees: Education and Health Services in Ohio
SMU39000006500000003A
All Employees: Durable Goods: Machine Shops; Turned Product; and Screw, Nut, and Bolt Manufacturing in Ohio
SMU39000003133270001A
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Farms (111-112) in Ohio (OHFARMRGSP), retrieved from FRED.