Real Gross Domestic Product: Farms (111-112) in Virginia
VAFARMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,107.50
Year-over-Year Change
0.55%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Farms (111-112) in Virginia measures the total inflation-adjusted economic output of the farming sector in the state. This metric is critical for understanding the productivity and health of Virginia'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 tracks the real GDP, or total economic output, of farms in Virginia, specifically those classified under the North American Industry Classification System (NAICS) codes 111 (Crop Production) and 112 (Animal Production and Aquaculture). It is a key indicator of the overall performance and contribution of the farming sector to the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including surveys and administrative records.
Historical Context
Policymakers and economists use this metric to assess the strength and competitiveness of Virginia's agricultural industry and inform decisions related to economic development, trade, and agricultural policy.
Key Facts
- Virginia is one of the top agricultural states in the U.S., with over 43,000 farms.
- The farming sector accounts for over $70 billion in economic output in Virginia.
- Crop production and animal production are the two largest components of Virginia's agricultural industry.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total real (inflation-adjusted) gross domestic product (GDP) of the farming sector in the state of Virginia, including both crop production and animal production.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the productivity, competitiveness, and overall health of Virginia's agricultural industry, which is a significant contributor to the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including surveys and administrative records.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess the strength and competitiveness of Virginia's agricultural industry and inform decisions related to economic development, trade, and agricultural policy.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 2-3 months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Farms (111-112) in Virginia (VAFARMRGSP), retrieved from FRED.