Gross Domestic Product: Farms (111-112) in Alabama
ALFARMNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,386.90
Year-over-Year Change
126.33%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Farms (111-112) in Alabama measures the economic output of the farming industry in the state, including crop production and animal production.
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 trend provides insights into the performance and contribution of the agricultural sector to Alabama's overall economic activity. It is a key indicator used by policymakers, analysts, and researchers to understand the state's rural economy.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys and administrative records.
Historical Context
This metric is valuable for evaluating the health and competitiveness of Alabama's farming industry within the national and global agricultural markets.
Key Facts
- Alabama is a leading producer of poultry, peanuts, and soybeans.
- The farming industry accounts for over 4% of Alabama's total GDP.
- Crop production makes up approximately 60% of Alabama's farm-related economic activity.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total economic output or GDP generated by the farming industry in the state of Alabama, including crop production and animal production.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the health and performance of Alabama's agricultural sector, which is a significant contributor to the state's overall economy.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys and administrative records from businesses and government agencies.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to evaluate the competitiveness and growth potential of Alabama's farming industry, informing decisions related to agricultural subsidies, trade policies, and rural development initiatives.
Q: Are there update delays or limitations?
A: The data is typically released on a quarterly basis, with a lag of several months. There may also be revisions to historical data as more information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Farms (111-112) in Alabama (ALFARMNGSP), retrieved from FRED.