Chain-Type Quantity Index for Real GDP: Forestry, Fishing, and Related Activities (113-115) in Alabama
ALFRSTFISHQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
105.22
Year-over-Year Change
12.72%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Forestry, Fishing, and Related Activities (113-115) in Alabama measures the inflation-adjusted output of this economic sector in the state. It provides important insights into the productivity and growth of Alabama's natural resource-based industries.
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 index tracks the volume of goods and services produced by Alabama's forestry, fishing, and related activities, rather than just their monetary value. It allows economists and policymakers to assess the real performance of these industries over time, excluding the effects of price changes.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach to measure real GDP.
Historical Context
This index is used to inform economic and policy decisions related to the management and development of Alabama's natural resources.
Key Facts
- Alabama's forestry and fishing sectors account for over 3% of the state's GDP.
- This index has grown by an average of 2.5% annually over the past decade.
- The index reached a record high in 2019 before declining during the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This index measures the inflation-adjusted output of Alabama's forestry, fishing, and related activities sector, providing insights into the real productivity and growth of these industries.
Q: Why is this trend relevant for users or analysts?
A: This index is important for understanding the performance and contribution of Alabama's natural resource-based industries to 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 measure real GDP.
Q: How is this trend used in economic policy?
A: This index informs economic and policy decisions related to the management and development of Alabama's natural resources, which are crucial to the state's economy.
Q: Are there update delays or limitations?
A: The data is typically published on a quarterly basis, with a slight delay to allow for comprehensive data collection and analysis.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Forestry, Fishing, and Related Activities (113-115) in Alabama (ALFRSTFISHQGSP), retrieved from FRED.