Chain-Type Quantity Index for Real GDP: Farms (111-112) in South Carolina
SCFARMQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
83.89
Year-over-Year Change
6.96%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Farms (111-112) in South Carolina measures the real output of the farm sector in the state. It is an important indicator for understanding agricultural production and its contribution to the state's overall economic activity.
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 index tracks the quantity of real GDP, or inflation-adjusted economic output, from the farm sector in South Carolina. It encompasses farms primarily engaged in crop and animal production. The index is a valuable tool for economists and policymakers to assess the performance and productivity of the state's agricultural industry.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index methodology to measure real GDP by industry.
Historical Context
The farm index is used by analysts to evaluate the health and growth of South Carolina's agricultural markets and inform policy decisions related to the sector.
Key Facts
- The index is based on the North American Industry Classification System (NAICS) codes 111-112.
- South Carolina is a leading producer of crops like cotton, peanuts, and peaches.
- The farm sector accounts for over 2% of the state's total GDP.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Farms (111-112) in South Carolina measures the real, inflation-adjusted output of the state's farm sector, including crop and animal production.
Q: Why is this trend relevant for users or analysts?
A: This index is an important indicator of agricultural productivity and performance in South Carolina, providing valuable insights for economists, policymakers, and industry stakeholders.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index methodology to measure real GDP by industry.
Q: How is this trend used in economic policy?
A: The farm index is used by analysts to evaluate the health and growth of South Carolina's agricultural markets and inform policy decisions related to the sector.
Q: Are there update delays or limitations?
A: The index data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical release lag of 2-3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Farms (111-112) in South Carolina (SCFARMQGSP), retrieved from FRED.