Real Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in Minnesota
MNFRSTFISHRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
512.10
Year-over-Year Change
38.07%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the forestry, fishing, and related activities sector in Minnesota. It provides insights into the productivity and growth of this critical 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 Real Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in Minnesota series tracks the inflation-adjusted output of this economic sector, which includes activities such as timber harvesting, commercial fishing, and aquaculture. Analyzing this trend helps policymakers and analysts understand the performance and contribution of these natural resource-based industries to Minnesota's overall economic development.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This economic indicator is widely used by policymakers, industry leaders, and market analysts to gauge the health and trajectory of Minnesota's natural resource-based economy.
Key Facts
- Minnesota is a leading producer of forest products in the U.S.
- The forestry and fishing industries account for over 25,000 jobs in the state.
- This sector contributed nearly $2 billion to Minnesota's GDP in the latest year.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) of the forestry, fishing, and related activities sector in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: Analyzing this trend provides valuable insights into the productivity and growth of Minnesota's natural resource-based industries, which are critical contributors to the state's overall economic performance.
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 economic indicator is widely used by policymakers, industry leaders, and market analysts to gauge the health and trajectory of Minnesota's natural resource-based economy and inform economic development strategies.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the statistical agency, and there may be lags in the availability of the most recent observations.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in Minnesota (MNFRSTFISHRGSP), retrieved from FRED.