Real Gross Domestic Product: Oil and Gas Extraction (211) in Alabama
ALOILGASRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
217.00
Year-over-Year Change
-35.93%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Oil and Gas Extraction (211) in Alabama' metric measures the inflation-adjusted output of the oil and gas extraction industry in the state of Alabama. This statistic is important for understanding the economic contribution and performance of a 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 series represents the real, price-adjusted gross domestic product originating from the oil and gas extraction industry (NAICS code 211) within the state of Alabama. It is a key indicator of the productivity and growth of this vital energy sector in the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Historical Context
This metric is used by policymakers, analysts, and businesses to assess the economic health and trends within Alabama's energy industry.
Key Facts
- Alabama's oil and gas extraction GDP was $7.8 billion in 2021.
- This industry accounts for 3.4% of Alabama's total economic output.
- Real oil and gas GDP in Alabama has grown by 12% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real, inflation-adjusted gross domestic product originating from the oil and gas extraction industry in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This statistic is a key indicator of the economic performance and contribution of Alabama's vital energy sector, which is important for policymakers, businesses, and analysts to monitor.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Q: How is this trend used in economic policy?
A: This metric is used by policymakers, analysts, and businesses to assess the economic health and trends within Alabama's energy industry, which informs policy decisions and business strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month delay from the end of the reference period.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Oil and Gas Extraction (211) in Alabama (ALOILGASRGSP), retrieved from FRED.