Chain-Type Quantity Index for Real GDP: Farms (111-112) in Washington
WAFARMQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
70.68
Year-over-Year Change
-12.70%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Farms (111-112) in Washington measures the volume of economic output from the farming sector in Washington state. This metric is crucial for understanding the health and productivity of the state'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
The Chain-Type Quantity Index tracks changes in the real (inflation-adjusted) quantity of goods and services produced by the farming sector in Washington. This index is a valuable indicator of the sector's economic performance and can inform policy decisions related to agriculture, trade, and rural development.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach to account for changes in the composition of economic output over time.
Historical Context
Policymakers and analysts use this index to assess the impact of factors like weather, commodity prices, and government programs on the farming industry's contribution to Washington's overall economic activity.
Key Facts
- The index is measured with 2012 as the base year (2012=100).
- Washington's farming sector accounts for approximately 3% of the state's total GDP.
- The index reached a record high of 113.4 in 2020.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Farms (111-112) in Washington measures the real, inflation-adjusted volume of economic output from the farming sector in the state.
Q: Why is this trend relevant for users or analysts?
A: This index is a crucial indicator of the health and productivity of Washington's agricultural industry, which is an important component of the state's overall economic activity.
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 changes in the composition of economic output over time.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to assess the impact of factors like weather, commodity prices, and government programs on the farming industry's contribution to Washington's overall economic activity.
Q: Are there update delays or limitations?
A: The index is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical delay of 2-3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Farms (111-112) in Washington (WAFARMQGSP), retrieved from FRED.