Real Gross Domestic Product: Farms (111-112) in Utah
UTFARMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
808.90
Year-over-Year Change
47.02%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Farms (111-112) in Utah measures the real economic output of the farming sector in Utah, providing insights into the state's agricultural productivity.
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 economic indicator tracks the inflation-adjusted value added by the farming industry, which includes crop and animal production, in the state of Utah. It is a key metric for understanding the health and performance of Utah's agricultural economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional economic accounts.
Historical Context
Policymakers and analysts use this trend to gauge the strength of Utah's farm-based industries and their contribution to the state's overall economic growth.
Key Facts
- Utah's farming sector accounts for around 2% of the state's total GDP.
- The real GDP of Utah's farms has grown by an average of 3.2% annually over the past decade.
- Crop production makes up approximately 60% of the state's farm-based economic output.
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 Utah, including both crop and animal production.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the performance and contribution of Utah's agricultural sector to the state's overall economic growth, which is important for policymakers, businesses, and economic analysts.
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 its regional economic accounts.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to gauge the strength of Utah's farm-based industries and their contribution to the state's overall economic growth, which can inform decisions related to agricultural policy, infrastructure investment, and economic development strategies.
Q: Are there update delays or limitations?
A: The data is typically published with a 1-2 year lag, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Farms (111-112) in Utah (UTFARMRGSP), retrieved from FRED.