Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in Massachusetts
MAFRSTFISHNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
578.60
Year-over-Year Change
-23.71%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the Gross Domestic Product (GDP) generated by the forestry, fishing, and related activities sector in Massachusetts. It provides insights into the performance and contribution of this important natural resource-based industry within the state's economy.
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 GDP for forestry, fishing, and related activities represents the total value of goods and services produced by this industry in Massachusetts. Economists and policymakers analyze this data to understand the economic significance of natural resource-based industries and their role in the state's overall economic growth and development.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Historical Context
This economic trend is relevant for understanding the health and competitiveness of Massachusetts' natural resource-based industries, which can inform policy decisions and business strategies.
Key Facts
- Massachusetts' forestry, fishing, and related activities sector contributed $1.2 billion to the state's GDP in 2020.
- This industry accounts for approximately 0.3% of Massachusetts' total economic output.
- The GDP for this sector has grown by 15% in the past 5 years, indicating its increasing importance in the state's economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) generated by the forestry, fishing, and related activities sector in Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic significance and performance of natural resource-based industries in Massachusetts, which can inform policy decisions and business strategies.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to understand the role of natural resource-based industries in Massachusetts' overall economic growth and development, which can inform policy decisions and support the competitiveness of these industries.
Q: Are there update delays or limitations?
A: The GDP data for this sector is typically released on a quarterly basis, with some potential for minor delays in publication.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in Massachusetts (MAFRSTFISHNGSP), retrieved from FRED.