Chain-Type Quantity Index for Real GDP: Farms (111-112) in Tennessee
TNFARMQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
106.06
Year-over-Year Change
3.59%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Farms (111-112) in Tennessee measures the inflation-adjusted output of the farming sector in the state. This metric is important for economists and policymakers to understand the agricultural productivity and economic trends in Tennessee.
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 the real GDP, or total economic output, specifically for the farm industry in Tennessee. It provides a more precise measure of agricultural production than just looking at gross output, as it accounts for price changes over time.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach.
Historical Context
This metric is used by analysts and policymakers to assess the health and competitiveness of Tennessee's agricultural sector.
Key Facts
- Tennessee is a major agricultural state, contributing over $3.8 billion to the state's GDP.
- Farming accounts for over 70,000 jobs in Tennessee.
- The state's top agricultural products include soybeans, cattle, and broiler chickens.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted GDP output of the farming industry in Tennessee, providing a gauge of agricultural productivity in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the performance and competitiveness of Tennessee's agricultural sector, which is 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 a chain-weighted approach to account for price changes over time.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to assess the health and productivity of Tennessee's farming industry, which informs decisions around agricultural support, trade, and economic development policies.
Q: Are there update delays or limitations?
A: This data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month delay from the end of the reference period.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Farms (111-112) in Tennessee (TNFARMQGSP), retrieved from FRED.