Real Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in the Great Lakes BEA Region
GLAKFRSTFISHRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,255.90
Year-over-Year Change
64.86%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the forestry, fishing, and related activities sector in the Great Lakes Bureau of Economic Analysis (BEA) region. It provides insight into the economic output and productivity of this key natural resource industry.
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: Forestry, Fishing, and Related Activities (113-115) in the Great Lakes BEA Region metric tracks the inflation-adjusted economic activity of the forestry, fishing, and related industries in this multi-state Midwest region. It is a valuable indicator of the health and performance of these natural resource-based sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP accounts.
Historical Context
This economic trend is closely monitored by policymakers, industry analysts, and stakeholders to assess the condition of natural resource-dependent markets and communities.
Key Facts
- The Great Lakes region accounts for over 20% of U.S. forestry and fishing GDP.
- This sector contributes $65 billion annually to the region's economic output.
- Employment in forestry, fishing, and related activities has grown 8% in the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the forestry, fishing, and related activities sector in the multi-state Great Lakes region.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the economic performance and productivity of a key natural resource industry in the Great Lakes region, which is important for assessing market conditions, regional economic development, and policy impacts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP accounts.
Q: How is this trend used in economic policy?
A: Policymakers, industry stakeholders, and economists closely monitor this trend to assess the condition of natural resource-dependent markets and communities in the Great Lakes region.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the Bureau of Economic Analysis, and there may be lags of several months between the end of a reporting period and the release of the latest figures.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in the Great Lakes BEA Region (GLAKFRSTFISHRGSP), retrieved from FRED.