Real Gross Domestic Product: Agriculture, Forestry, Fishing and Hunting (11) in Virginia
VAAGRRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,336.10
Year-over-Year Change
65.93%
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 Virginia. It provides insights into the performance and contribution of this key industry to the state's 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
The Real Gross Domestic Product: Agriculture, Forestry, Fishing and Hunting (11) in Virginia series tracks the inflation-adjusted value added by this sector to the state's overall economic output. It is an important indicator for policymakers and analysts to assess the health and growth of Virginia's natural resource-based industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by state program.
Historical Context
This trend is closely monitored by state economic development agencies and industry groups to inform policy decisions and investment strategies.
Key Facts
- Virginia's agriculture, forestry, fishing, and hunting sector accounts for over 3% of the state's GDP.
- This industry employs more than 100,000 people in Virginia.
- The state is a leading producer of soybeans, tobacco, and poultry in the U.S.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) contribution of the agriculture, forestry, fishing, and hunting sector in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and economic impact of Virginia's natural resource-based industries, which are crucial to the state's overall economic growth and development.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by state program.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by state economic development agencies and industry groups to inform policy decisions and investment strategies related to Virginia's agriculture, forestry, fishing, and hunting sectors.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be a delay in accessing the most recent information.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Agriculture, Forestry, Fishing and Hunting (11) in Virginia (VAAGRRGSP), retrieved from FRED.