Gross Domestic Product: Farms (111-112) in Minnesota
MNFARMNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,692.10
Year-over-Year Change
31.64%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Farms (111-112) in Minnesota measures the total economic output of the agricultural sector in the state of Minnesota. This indicator is important for understanding the overall health and productivity of Minnesota's farming 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 Gross Domestic Product: Farms (111-112) in Minnesota represents the total value added by the state's agricultural operations, including crop production and animal production. This metric is a key indicator of the agricultural sector's contribution to Minnesota's broader economic performance.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and economists use this trend to assess the vitality of Minnesota's farming industry and its impact on the state's economy.
Key Facts
- Minnesota is a leading agricultural state in the U.S.
- The farming sector accounts for a significant portion of Minnesota's GDP.
- Trends in this metric reflect the overall health of Minnesota's agricultural industry.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Farms (111-112) in Minnesota measures the total economic output of the agricultural sector in the state of Minnesota, including crop and animal production.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the overall health and productivity of Minnesota's farming industry, which is a key component 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 using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the vitality of Minnesota's farming industry and its impact on the state's broader economic performance.
Q: Are there update delays or limitations?
A: The data is published regularly by the U.S. Bureau of Economic Analysis, but may be subject to revisions and updates over time.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Farms (111-112) in Minnesota (MNFARMNGSP), retrieved from FRED.