Real Gross Domestic Product: Agriculture, Forestry, Fishing and Hunting (11) in Montana
MTAGRRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,964.50
Year-over-Year Change
35.16%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Real Gross Domestic Product: Agriculture, Forestry, Fishing and Hunting (11) in Montana' measures the total economic output of this industry sector within the state. It is a key indicator of the health and productivity of Montana's natural resource-based 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
This economic trend provides a comprehensive measure of the real, inflation-adjusted GDP originating from the agriculture, forestry, fishing, and hunting industries in Montana. It allows policymakers and analysts to track the performance and contribution of this vital sector to the state's overall economic growth.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Historical Context
The trend is widely used by economists, industry groups, and state government agencies to inform policy decisions and investments in Montana's natural resource industries.
Key Facts
- Montana's agriculture, forestry, fishing, and hunting industries account for over 10% of the state's total GDP.
- This sector grew by 3.2% in real terms in 2021, outpacing the overall state economy.
- Farming and ranching make up the largest share of this industry group in Montana.
FAQs
Q: What does this economic trend measure?
A: The 'Real Gross Domestic Product: Agriculture, Forestry, Fishing and Hunting (11) in Montana' measures the total economic output of these natural resource-based industries within the state.
Q: Why is this trend relevant for users or analysts?
A: This trend provides crucial insights into the performance and contribution of Montana's vital agriculture, forestry, fishing, and hunting sectors, allowing policymakers and economists to better understand the state's economic drivers and growth potential.
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 frameworks.
Q: How is this trend used in economic policy?
A: This trend is widely used by economists, industry groups, and state government agencies to inform policy decisions and investments in Montana's natural resource-based industries.
Q: Are there update delays or limitations?
A: The data is typically released with a 2-3 month lag, and may be subject to periodic revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Agriculture, Forestry, Fishing and Hunting (11) in Montana (MTAGRRGSP), retrieved from FRED.