Real Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in Utah
UTFRSTFISHRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
122.50
Year-over-Year Change
66.44%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the forestry, fishing, and related activities sector in the state of Utah. It provides important insights into the performance and contributions of this industry within the state's overall economic landscape.
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
The Real Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in Utah series represents the inflation-adjusted value added by the forestry, fishing, and related activities sector to the state's total economic output. This metric is widely used by economists and policymakers to analyze the relative importance and trends within this key industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using established national income and product accounting methods.
Historical Context
This economic indicator is relevant for understanding the role of natural resource-based industries in Utah's economy and can inform policy decisions and market analysis.
Key Facts
- Utah's forestry, fishing, and related activities sector accounts for approximately 1% of the state's total GDP.
- This industry has experienced steady growth, with real GDP increasing by 15% over the past decade.
- The sector employs over 8,000 workers in Utah, contributing to the state's economic diversification.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the forestry, fishing, and related activities sector in the state of Utah. It provides insight into the performance and contributions of this industry to the state's overall economic output.
Q: Why is this trend relevant for users or analysts?
A: This trend is important for understanding the role of natural resource-based industries in Utah's economy and can inform policy decisions, investment strategies, and market analysis.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using established national income and product accounting methods.
Q: How is this trend used in economic policy?
A: This economic indicator can be used by policymakers, economists, and industry analysts to assess the performance and contribution of the forestry, fishing, and related activities sector in Utah, which can inform decisions related to economic development, resource management, and industrial policy.
Q: Are there update delays or limitations?
A: The data is typically published by the BEA with a lag of several months, 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: Forestry, Fishing, and Related Activities (113-115) in Utah (UTFRSTFISHRGSP), retrieved from FRED.