Real Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in Minnesota
MNFOODBEVTOBMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,074.40
Year-over-Year Change
19.18%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the food, beverage, and tobacco product manufacturing industry in Minnesota. It provides valuable insights into the performance and productivity of this key sector 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 Real Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in Minnesota series tracks the inflation-adjusted output of this industry in the state. It is an important indicator of the industry's economic contribution and can inform policy decisions and business strategies.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is widely used by economists, policymakers, and industry analysts to assess the state of Minnesota's manufacturing sector and its impact on the broader economy.
Key Facts
- Minnesota is a major producer of food, beverage, and tobacco products.
- The industry accounts for a significant portion of the state's GDP.
- This trend has shown steady growth in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the food, beverage, and tobacco product manufacturing industry in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and productivity of a key manufacturing sector in Minnesota, which can inform economic policy and business decision-making.
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: This trend is widely used by economists, policymakers, and industry analysts to assess the state of Minnesota's manufacturing sector and its impact on the broader economy.
Q: Are there update delays or limitations?
A: The data is published regularly by the U.S. Federal Reserve, but may be subject to occasional update delays or revisions as part of the national accounting process.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in Minnesota (MNFOODBEVTOBMANRGSP), retrieved from FRED.