Real Gross Domestic Product: Agriculture, Forestry, Fishing and Hunting (11) in Arizona
AZAGRRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,523.00
Year-over-Year Change
59.01%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures real gross domestic product (GDP) for the agriculture, forestry, fishing, and hunting sector in Arizona. It provides insight into the productivity and growth of this key industry within the state's economy.
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: Agriculture, Forestry, Fishing and Hunting (11) in Arizona series tracks the total inflation-adjusted output of this industry in the state. It is an important indicator of the health and competitiveness of these natural resource-based sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Historical Context
This trend is closely monitored by policymakers, industry analysts, and investors to assess the performance and outlook for Arizona's agricultural and natural resource economy.
Key Facts
- Arizona's agriculture, forestry, fishing and hunting sector accounts for over 3% of the state's total GDP.
- This industry grew by 2.5% in 2021 after contracting in 2020 due to the COVID-19 pandemic.
- The agriculture subsector makes up the largest share of this industry's output in Arizona.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product for the agriculture, forestry, fishing, and hunting industry in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into the productivity and growth of a key natural resource-based sector in Arizona's economy, which is closely watched by policymakers, industry analysts, and investors.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and industry analysts to assess the performance and outlook for Arizona's agricultural and natural resource economy, which informs economic development strategies and policy decisions.
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 delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Agriculture, Forestry, Fishing and Hunting (11) in Arizona (AZAGRRGSP), retrieved from FRED.