Gross Domestic Product: Natural Resources and Mining (11, 21) in Arizona
AZNATRESMINNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
9,742.50
Year-over-Year Change
17.33%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Natural Resources and Mining (11, 21) in Arizona measures the economic output of the natural resources and mining industries in the state. It is an important indicator for understanding Arizona's economic composition and growth.
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 gross domestic product originating from the natural resources and mining industries, which include sectors such as agriculture, forestry, fishing, hunting, and mining. It provides insights into the relative size and contribution of these industries to Arizona's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP by industry estimates.
Historical Context
Policymakers and analysts use this metric to evaluate the importance of natural resource-based industries in Arizona's economy and inform economic development strategies.
Key Facts
- Arizona's natural resources and mining industries account for around 5% of the state's GDP.
- The mining sector is a significant contributor, making up over half of this industry group.
- GDP in this industry group has shown steady growth in Arizona over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product originating from the natural resources and mining industries in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the importance of natural resource-based industries to Arizona's economy, which is useful for policymakers and analysts evaluating economic development strategies.
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 state-level GDP by industry estimates.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to understand the contribution of natural resources and mining to Arizona's economic activity and inform policy decisions.
Q: Are there update delays or limitations?
A: This data is published with a lag, typically 1-2 quarters behind the current period, and may be subject to revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Natural Resources and Mining (11, 21) in Arizona (AZNATRESMINNGSP), retrieved from FRED.