Gross Domestic Product: Farms (111-112) in Indiana
INFARMNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,503.30
Year-over-Year Change
72.28%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Farms (111-112) in Indiana trend measures the economic output of the farming sector in the state of Indiana. It is an important indicator for understanding the performance and contribution of the agricultural industry 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
This economic trend represents the total value-added by the farming industry, including crop and animal production, in the state of Indiana. It is used by economists and policymakers to analyze the productivity and growth of the agricultural sector and its impact on the broader state economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional economic accounts.
Historical Context
This trend is relevant for understanding the health and competitiveness of Indiana's agricultural markets and for informing economic and agricultural policies at the state level.
Key Facts
- Indiana is a major agricultural state, ranking 10th nationally in total farm production value.
- The farming industry accounts for over 4% of Indiana's total GDP.
- Crop production makes up approximately 60% of Indiana's farming GDP.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Farms (111-112) in Indiana trend measures the total economic output or value-added by the farming industry in the state of Indiana, including both crop and animal production.
Q: Why is this trend relevant for users or analysts?
A: This trend is important for understanding the performance and contribution of Indiana's agricultural sector to the state's overall economic activity. It provides insights into the productivity and growth of the farming industry, which is a key driver of the state's economy.
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 their regional economic accounts.
Q: How is this trend used in economic policy?
A: This trend is used by economists, policymakers, and market analysts to inform agricultural and economic policies at the state level, such as supporting the competitiveness of Indiana's farming industry and promoting sustainable agricultural practices.
Q: Are there update delays or limitations?
A: The Gross Domestic Product: Farms (111-112) in Indiana data is typically updated on a quarterly basis, with some potential for delays in the release of the most recent information.
Related Trends
Personal Consumption Expenditures: Total for Indiana
INPCE
All Employees: Durable Goods: Aerospace Product and Parts Manufacturing in Indiana
SMU18000003133640001A
All Employees: Leisure and Hospitality: Full-Service Restaurants in Indiana
SMU18000007072251101SA
Other Services (Except Public Administration) Wages and Salaries in Indiana
INWOTH
State Government Tax Collections, Insurance Premiums - Selective Sales Taxes in Indiana
ININSURTAX
Real Gross Domestic Product: Waste Management and Remediation Services (562) in Indiana
INWASTERGSP
Citation
U.S. Federal Reserve, Gross Domestic Product: Farms (111-112) in Indiana (INFARMNGSP), retrieved from FRED.