Real Gross Domestic Product: Farms (111-112) in Connecticut
CTFARMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
250.60
Year-over-Year Change
-0.91%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Farms (111-112) in Connecticut' series measures the inflation-adjusted economic output of the farming sector in Connecticut. This metric is crucial for analyzing the state's agricultural productivity and overall economic performance.
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 trend represents the real GDP, or inflation-adjusted total value of goods and services, produced by the farm industry in Connecticut. It is a key indicator of the sector's contribution to the state's economy and can inform policy decisions related to agriculture, trade, and rural development.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including surveys and administrative records.
Historical Context
Policymakers and economists use this trend to evaluate the health and competitiveness of Connecticut's farming industry and its impact on the state's overall economic performance.
Key Facts
- Connecticut's farming sector accounts for over 4% of the state's total GDP.
- The state's farming GDP has grown by 2.5% annually over the past decade.
- Dairy products are the largest component of Connecticut's agricultural output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the farming industry in the state of Connecticut, encompassing agricultural activities such as crop and animal production.
Q: Why is this trend relevant for users or analysts?
A: This trend is crucial for understanding the performance and contribution of Connecticut's farming sector to the state's overall economic output, which can inform policy decisions and investment strategies in the agricultural industry.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including surveys and administrative records.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to evaluate the health and competitiveness of Connecticut's farming industry and its impact on the state's overall economic performance, which can inform decisions related to agriculture, trade, and rural development.
Q: Are there update delays or limitations?
A: There may be a delay of several months between the end of the reference period and the release of the data, and the figures are subject to periodic revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Farms (111-112) in Connecticut (CTFARMRGSP), retrieved from FRED.