Chain-Type Quantity Index for Real GDP: Agriculture, Forestry, Fishing and Hunting (11) in South Dakota
SDAGRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
125.79
Year-over-Year Change
26.13%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Agriculture, Forestry, Fishing and Hunting (11) in South Dakota measures the inflation-adjusted output of this economic sector in the state. It is a key indicator of the health and productivity of South Dakota's agricultural and natural resources industries.
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 index tracks changes in the real, or inflation-adjusted, value of goods and services produced by the agriculture, forestry, fishing, and hunting industries in South Dakota. It is used by economists and policymakers to assess the contribution of these sectors to the state's overall economic growth and development.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted formula to account for changes in prices and quantities over time.
Historical Context
Trends in this index help inform agricultural and natural resource policies at the state and federal levels.
Key Facts
- South Dakota is a leading producer of crops, livestock, and other agricultural commodities.
- The agriculture, forestry, fishing, and hunting sector accounts for over 6% of the state's GDP.
- This index has shown steady growth over the past decade, reflecting the strength of these industries.
FAQs
Q: What does this economic trend measure?
A: This index measures the inflation-adjusted output of the agriculture, forestry, fishing, and hunting industries in South Dakota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the productivity and growth of key natural resource-based sectors in the South Dakota economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted formula to account for price and quantity changes over time.
Q: How is this trend used in economic policy?
A: Trends in this index help inform agricultural and natural resource policies at the state and federal levels.
Q: Are there update delays or limitations?
A: The data is published quarterly by the Federal Reserve with typical update lags of 1-2 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Agriculture, Forestry, Fishing and Hunting (11) in South Dakota (SDAGRQGSP), retrieved from FRED.