Real Gross Domestic Product: Farms (111-112) in Arizona
AZFARMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,309.70
Year-over-Year Change
-9.85%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Farms (111-112) in Arizona' series measures the inflation-adjusted economic output of the farm sector in Arizona. This metric is critical for understanding the state's agricultural productivity and contribution to the overall 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
This economic indicator tracks the real, or inflation-adjusted, gross domestic product (GDP) generated by farms engaged in crop and animal production in the state of Arizona. It serves as a barometer of the health and productivity of the state's agricultural industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and industry analysts closely monitor this trend to assess the impact of factors like weather, trade, and technological change on Arizona's agricultural sector.
Key Facts
- Arizona's farm GDP accounted for 2.1% of the state's total economic output in 2021.
- Real farm GDP in Arizona grew by 4.7% in 2021 after declining by 1.3% in 2020.
- Crop production makes up about 60% of Arizona's agricultural GDP.
FAQs
Q: What does this economic trend measure?
A: This series measures the real, inflation-adjusted gross domestic product (GDP) generated by the farm sector in the state of Arizona, including crop and animal production.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the health and productivity of Arizona's agricultural industry, which is a critical component of 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 established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts monitor this trend to assess the impact of factors like weather, trade, and technological change on Arizona's agricultural sector and its broader economic implications.
Q: Are there update delays or limitations?
A: The data is typically published with a 1-2 quarter delay and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Farms (111-112) in Arizona (AZFARMRGSP), retrieved from FRED.