Chain-Type Quantity Index for Real GDP: Agriculture, Forestry, Fishing and Hunting (11) in Utah
UTAGRQQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
172.08
Year-over-Year Change
38.62%
Date Range
1/1/2005 - 1/1/2025
Summary
The Chain-Type Quantity Index for Real GDP: Agriculture, Forestry, Fishing and Hunting (11) in Utah measures the real output volume of this economic sector in the state. It is a key indicator for understanding productivity and growth trends in Utah's agricultural and natural resource industries.
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 provides a comprehensive measure of the real output volume for Utah's agriculture, forestry, fishing, and hunting sector. It allows analysts to track changes in the productivity and scale of these industries over time, which is crucial for understanding the state's economic diversification and resource utilization.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula applied to real GDP figures.
Historical Context
Policymakers and industry stakeholders use this index to gauge the health and competitiveness of Utah's natural resource-based industries.
Key Facts
- Utah's agriculture, forestry, fishing, and hunting sector accounts for over 3% of the state's total GDP.
- This index has risen by an average of 2.5% annually over the past decade.
- The index reached an all-time high in 2019 before declining slightly in 2020 due to COVID-19 impacts.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Agriculture, Forestry, Fishing and Hunting (11) in Utah measures the real output volume of this economic sector in the state.
Q: Why is this trend relevant for users or analysts?
A: This index allows analysts to track changes in the productivity and scale of Utah's agriculture, forestry, fishing, and hunting industries, which is crucial for understanding the state's economic diversification and resource utilization.
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 quantity index formula applied to real GDP figures.
Q: How is this trend used in economic policy?
A: Policymakers and industry stakeholders use this index to gauge the health and competitiveness of Utah's natural resource-based industries, which informs decisions around regulation, investment, and economic development.
Q: Are there update delays or limitations?
A: The index is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-month delay in data availability.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Agriculture, Forestry, Fishing and Hunting (11) in Utah (UTAGRQQGSP), retrieved from FRED.