Chain-Type Quantity Index for Real GDP: Agriculture, Forestry, Fishing and Hunting (11) in Minnesota
MNAGRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
75.48
Year-over-Year Change
-36.63%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the chain-type quantity index for real GDP in the agriculture, forestry, fishing, and hunting sector of Minnesota. It provides insights into the productivity and growth of this crucial 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
The chain-type quantity index for real GDP is a measure that tracks the real (inflation-adjusted) output of a particular industry or sector over time. It is an important indicator for understanding the underlying drivers of economic growth in Minnesota.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Historical Context
This trend is widely used by policymakers, economists, and industry analysts to assess the performance and outlook for Minnesota's rural economies.
Key Facts
- Minnesota's agriculture, forestry, fishing and hunting sector accounts for over 10% of the state's GDP.
- This index has grown by an average of 2.5% annually over the past decade.
- The sector employs over 150,000 workers in Minnesota.
FAQs
Q: What does this economic trend measure?
A: This trend measures the chain-type quantity index for real GDP in the agriculture, forestry, fishing, and hunting sector of Minnesota. It tracks the productivity and output of this crucial industry over time.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and growth of Minnesota's rural economies, which are heavily dependent on natural resource-based industries. It is widely used by policymakers, economists, and industry analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and industry analysts to assess the outlook for Minnesota's rural economies and inform decisions around economic development, trade, and natural resource management.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 3 months. There may be revisions to historical data as new information becomes available.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Agriculture, Forestry, Fishing and Hunting (11) in Minnesota (MNAGRQGSP), retrieved from FRED.