Chain-Type Quantity Index for Real GDP: Oil and Gas Extraction (211) in Alabama
ALOILGASQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
50.01
Year-over-Year Change
-35.95%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Oil and Gas Extraction (211) in Alabama measures the real, inflation-adjusted output of the oil and gas extraction industry in the state. This metric is important for economists and policymakers to assess the economic health and growth of this key energy sector.
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, inflation-adjusted GDP produced by the oil and gas extraction industry in Alabama. It is a useful indicator of the productivity and output trends in this crucial energy sector, which has major implications for the state's economy and energy policy.
Methodology
The index is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index methodology.
Historical Context
Policymakers and market analysts closely monitor this index to gauge the performance and outlook of Alabama's oil and gas industry.
Key Facts
- The base year for this index is 2012.
- Oil and gas extraction accounts for a significant portion of Alabama's GDP.
- The index is released quarterly by the U.S. Bureau of Economic Analysis.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted quantity of GDP produced by the oil and gas extraction industry in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for assessing the economic performance and outlook of a key energy sector in Alabama, with implications for the state's overall economic health and policy decisions.
Q: How is this data collected or calculated?
A: The index is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index methodology.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts closely monitor this index to gauge the performance and outlook of Alabama's oil and gas industry, which has significant implications for the state's energy policy and economic development.
Q: Are there update delays or limitations?
A: The index is released quarterly by the U.S. Bureau of Economic Analysis, with a typical update delay of 2-3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Oil and Gas Extraction (211) in Alabama (ALOILGASQGSP), retrieved from FRED.