Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in Ohio
OHFRSTFISHNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
860.30
Year-over-Year Change
153.18%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in Ohio measures the economic output of these industries in the state. It is an important indicator for policymakers and analysts tracking the health of Ohio's natural resource-based 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 metric represents the total value added by the forestry, fishing, and related activities sector to Ohio's overall GDP. It provides insight into the economic contribution and trends within these natural resource-based industries in the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP by industry accounts.
Historical Context
Economists and policymakers monitor this metric to assess the performance and economic significance of Ohio's forestry, fishing, and related activities sector.
Key Facts
- Ohio's forestry, fishing, and related activities sector accounts for over $1 billion in GDP.
- This industry group has seen steady growth in recent years.
- Forestry and logging make up the largest component of this metric.
FAQs
Q: What does this economic trend measure?
A: This metric measures the total economic output or value added by Ohio's forestry, fishing, and related activities industry sector as part of the state's overall Gross Domestic Product.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and significance of Ohio's natural resource-based industries, which are key contributors to the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP by industry accounts.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor this metric to assess the health and economic importance of Ohio's forestry, fishing, and related activities sector, which informs policy decisions.
Q: Are there update delays or limitations?
A: There may be some time lag in the availability of the latest data, as it is part of the Bureau of Economic Analysis's regular state GDP reporting schedule.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in Ohio (OHFRSTFISHNGSP), retrieved from FRED.