Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Alabama
ALMINRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,419.40
Year-over-Year Change
-25.91%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the real gross domestic product (GDP) generated by the mining, quarrying, and oil and gas extraction sector in Alabama. It provides insights into the productivity and growth of this critical industry 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: Mining, Quarrying, and Oil and Gas Extraction (21) in Alabama metric tracks the inflation-adjusted economic output of the mining, quarrying, and oil and gas extraction industry in the state. This data point is used by economists and policymakers to analyze the performance and contribution of this sector to Alabama's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP estimates.
Historical Context
This trend is relevant for understanding the health and direction of Alabama's energy and resource extraction industries, which play a significant role in the state's economy.
Key Facts
- Alabama is a major producer of coal, natural gas, and other minerals.
- The mining and extraction sector accounts for over 3% of Alabama's GDP.
- Real GDP in this sector has grown by 20% in the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) generated by the mining, quarrying, and oil and gas extraction sector in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the productivity and economic contribution of Alabama's energy and resource extraction industries, which are critical components of the state's economy.
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 regional GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the performance and growth of Alabama's mining and extraction sector, which informs decisions related to energy, resource, and economic development policies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Alabama (ALMINRQGSP), retrieved from FRED.