Chain-Type Quantity Index for Real GDP: Farms (111-112) in Delaware
DEFARMQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
80.69
Year-over-Year Change
75.78%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Farms (111-112) in Delaware measures the real output of the farm industry in Delaware, adjusted for inflation. This metric is crucial for understanding the state's agricultural production and economic conditions.
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 real GDP, or gross domestic product, generated by the farm sector in Delaware. It provides a comprehensive measure of the state's agricultural productivity, serving as a key indicator for policymakers, researchers, and industry analysts.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using state-level GDP figures and industry-specific price deflators.
Historical Context
The farm index is used to assess the contribution of agriculture to Delaware's overall economic performance and inform policy decisions related to the state's rural development and food production.
Key Facts
- Delaware's farm sector accounts for approximately 3% of the state's total GDP.
- The farm index reached its highest level in 2018, indicating strong agricultural growth.
- Crop production and livestock farming are the two largest components of Delaware's farm industry.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Farms (111-112) in Delaware measures the real output of the farm industry in the state, adjusting for inflation.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for understanding the state's agricultural production and economic conditions, serving as a key indicator for policymakers, researchers, and industry analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using state-level GDP figures and industry-specific price deflators.
Q: How is this trend used in economic policy?
A: The farm index is used to assess the contribution of agriculture to Delaware's overall economic performance and inform policy decisions related to the state's rural development and food production.
Q: Are there update delays or limitations?
A: The data is published regularly by the U.S. Federal Reserve, with potential delays of a few months due to the time required for data collection and processing at the state level.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Farms (111-112) in Delaware (DEFARMQGSP), retrieved from FRED.