Chain-Type Quantity Index for Real GDP: Agriculture, Forestry, Fishing and Hunting (11) in Maine
MEAGRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
98.05
Year-over-Year Change
8.38%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Agriculture, Forestry, Fishing and Hunting (11) in Maine measures the real output of the agriculture, forestry, fishing, and hunting industries in Maine. This trend is a key indicator of economic performance and productivity in these important sectors.
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 goods and services produced by the agriculture, forestry, fishing, and hunting industries in Maine, adjusted for inflation. It provides insight into the real growth or decline of these sectors over time, which is crucial for understanding the state's economic development and the contributions of natural resource-based industries.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index method.
Historical Context
This index is used by policymakers, economists, and industry analysts to assess the health and competitiveness of Maine's natural resource-based economy.
Key Facts
- Maine's agriculture, forestry, fishing, and hunting industries account for over 10% of the state's GDP.
- This index has shown steady growth over the past decade, indicating the resilience of these sectors.
- The fishing industry is a major contributor to the index, with Maine being a top producer of lobster, clams, and other seafood.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Agriculture, Forestry, Fishing and Hunting (11) in Maine measures the real output of these industries in the state, adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: This index provides valuable insights into the performance and productivity of Maine's natural resource-based industries, which are crucial to the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index method.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and industry analysts use this index to assess the health and competitiveness of Maine's agriculture, forestry, fishing, and hunting sectors, which inform economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical release delay of 2-3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Agriculture, Forestry, Fishing and Hunting (11) in Maine (MEAGRQGSP), retrieved from FRED.