Real Gross Domestic Product: Agriculture, Forestry, Fishing and Hunting (11) in Pennsylvania
PAAGRRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,469.50
Year-over-Year Change
46.56%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the agriculture, forestry, fishing, and hunting sector in Pennsylvania. It provides insights into the productivity and economic contribution of these industries within 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 Real Gross Domestic Product: Agriculture, Forestry, Fishing and Hunting (11) in Pennsylvania series tracks the inflation-adjusted output of these key natural resource-based industries. It is used by economists and policymakers to analyze the relative performance and economic importance of this sector within the broader Pennsylvania economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
This trend is relevant for understanding Pennsylvania's economic structure and the role of natural resource-based industries in the state's economic growth and development.
Key Facts
- Pennsylvania's agriculture, forestry, fishing, and hunting sector accounts for approximately 2% of the state's total GDP.
- This industry group has seen modest growth in real GDP over the past decade.
- The agriculture, forestry, fishing, and hunting sector employs over 100,000 people in Pennsylvania.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the agriculture, forestry, fishing, and hunting sector within the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the productivity and economic contribution of natural resource-based industries in Pennsylvania, which is useful for understanding the state's economic structure and growth drivers.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the role and performance of Pennsylvania's agriculture, forestry, fishing, and hunting sector within the broader state economy, which can inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: There may be delays of several months in the release of this data, and the series does not provide a granular, county-level breakdown of the agriculture, forestry, fishing, and hunting sector in Pennsylvania.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Agriculture, Forestry, Fishing and Hunting (11) in Pennsylvania (PAAGRRGSP), retrieved from FRED.