Real Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in Arizona
AZFOODBEVTOBMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,465.80
Year-over-Year Change
39.64%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures real gross domestic product (GDP) for the food, beverage, and tobacco product manufacturing industries in Arizona. It provides insights into the performance and contribution of these key sectors to the state's overall economic activity.
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: Food and Beverage and Tobacco Product Manufacturing (311-312) in Arizona metric tracks the inflation-adjusted output of these manufacturing industries within the state. It is used by economists and policymakers to analyze industrial productivity, monitor economic growth, and inform policy decisions.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
This trend is relevant for understanding the health and competitiveness of Arizona's manufacturing base, which is an important driver of the state's economy.
Key Facts
- Arizona's food, beverage, and tobacco manufacturing accounts for over $10 billion in annual GDP.
- This industry sector employs more than 50,000 workers in the state.
- Real GDP in this sector has grown by 20% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the food, beverage, and tobacco product manufacturing industries in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the performance and contribution of these key manufacturing sectors to Arizona's overall economic activity, which is useful for economists, policymakers, and businesses.
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 income and product accounting methods.
Q: How is this trend used in economic policy?
A: This trend is relevant for understanding the health and competitiveness of Arizona's manufacturing base, which is an important driver of the state's economy and informs policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical 2-3 month lag, and may be subject to revision as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in Arizona (AZFOODBEVTOBMANRGSP), retrieved from FRED.