Real Gross Domestic Product: Oil and Gas Extraction (211) in Nebraska
NEOILGASRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
11.80
Year-over-Year Change
73.53%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures real gross domestic product (GDP) from the oil and gas extraction industry in Nebraska. It provides insight into the productivity and output of this key energy sector within 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: Oil and Gas Extraction (211) in Nebraska series tracks the inflation-adjusted value added by the oil and gas extraction industry to the state's overall economic output. It is an important indicator for analyzing the strength and composition of Nebraska's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is closely monitored by policymakers, energy analysts, and economic development organizations in Nebraska.
Key Facts
- Nebraska's oil and gas extraction GDP grew by 4.2% in 2021.
- The industry accounts for 2.1% of the state's total economic output.
- Real GDP from oil and gas hit a record high of $2.8 billion in 2019.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) contribution from the oil and gas extraction industry in the state of Nebraska.
Q: Why is this trend relevant for users or analysts?
A: It provides insights into the productivity and economic importance of Nebraska's oil and gas extraction sector, which is a key component of the state's energy and industrial base.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers, energy analysts, and economic development organizations in Nebraska closely monitor this trend to assess the strength of the state's energy industry and guide relevant policies and programs.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately three 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: Oil and Gas Extraction (211) in Nebraska (NEOILGASRGSP), retrieved from FRED.