Real Gross Domestic Product: Farms (111-112) in Delaware
DEFARMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
466.30
Year-over-Year Change
75.76%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Farms (111-112) in Delaware' trend measures the economic output of the farming sector in Delaware, adjusted for inflation. It is a key indicator of agricultural productivity and growth within the state.
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 series tracks the real GDP, or inflation-adjusted economic output, specifically for farms classified under North American Industry Classification System (NAICS) codes 111 and 112 in the state of Delaware. It provides insight into the performance and contribution of the agricultural industry to Delaware's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and economists use this trend to assess the health and competitiveness of Delaware's agricultural sector and inform policy decisions.
Key Facts
- Delaware's farming GDP accounts for approximately 3% of the state's total economic output.
- The agricultural sector employs over 12,000 workers in Delaware.
- Real farm GDP in Delaware has grown by an average of 2.5% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the farming sector in the state of Delaware, specifically for farms classified under NAICS codes 111 and 112.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and contribution of Delaware's agricultural industry to the state's overall economic activity, which is useful for policymakers, economists, 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 established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the health and competitiveness of Delaware's agricultural sector and inform policy decisions related to the state's economic development, trade, and agricultural support programs.
Q: Are there update delays or limitations?
A: This data is typically published with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Farms (111-112) in Delaware (DEFARMRGSP), retrieved from FRED.