Chain-Type Quantity Index for Real GDP: Forestry, Fishing, and Related Activities (113-115) in Ohio
OHFRSTFISHQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
123.32
Year-over-Year Change
90.56%
Date Range
1/1/1997 - 1/1/2023
Summary
This index measures the real gross domestic product (GDP) of the forestry, fishing, and related activities sector in Ohio. It is a key indicator of the economic performance and productivity of this important natural resource industry in the state.
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: Forestry, Fishing, and Related Activities (113-115) in Ohio is a measure of the volume of economic output from this industry, adjusted for inflation. It provides insight into the growth and competitiveness of this sector within the Ohio economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach to real GDP estimation.
Historical Context
This economic trend is closely monitored by policymakers, businesses, and analysts to understand the health and direction of Ohio's natural resource-based industries.
Key Facts
- Ohio is a major producer of forestry and fishing products.
- This index has shown steady growth over the past decade.
- The forestry and fishing sector accounts for over 2% of Ohio's GDP.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted gross domestic product (GDP) of the forestry, fishing, and related activities sector in the state of Ohio.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and productivity of a key natural resource-based industry in Ohio, which is critical for understanding the state's overall economic conditions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach to real GDP estimation.
Q: How is this trend used in economic policy?
A: This economic trend is closely monitored by policymakers, businesses, and analysts to understand the health and direction of Ohio's natural resource-based industries, which informs economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis, with a typical delay of 2-3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Forestry, Fishing, and Related Activities (113-115) in Ohio (OHFRSTFISHQGSP), retrieved from FRED.