Real Gross Domestic Product: Farms (111-112) in Pennsylvania
PAFARMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,427.00
Year-over-Year Change
3.40%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Farms (111-112) in Pennsylvania measures the real output of the farming sector in the state, adjusted for inflation. This data provides insights into the productivity and growth of Pennsylvania's agricultural industry.
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 farming industry, which includes crop and animal production, in the state of Pennsylvania. It is a key metric used by economists and policymakers to analyze the performance and contribution of the agricultural sector to the state's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Historical Context
This economic trend is closely monitored by state and federal agencies to inform policy decisions related to agriculture, trade, and rural development.
Key Facts
- Pennsylvania is a major agricultural state, contributing over $7 billion to the state's economy annually.
- The farming sector accounts for approximately 2% of Pennsylvania's total real GDP.
- Crop production and animal husbandry are the two largest components of the state's agricultural industry.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) generated by the farming industry in the state of Pennsylvania, including crop and animal production.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the productivity and growth of Pennsylvania's agricultural sector, which is a significant contributor to the state's overall economic activity.
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 frameworks.
Q: How is this trend used in economic policy?
A: This economic trend is closely monitored by state and federal agencies to inform policy decisions related to agriculture, trade, and rural development in Pennsylvania.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, with a lag of several months. There may be limitations in capturing the full scope of agricultural activity in the state.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Farms (111-112) in Pennsylvania (PAFARMRGSP), retrieved from FRED.