Real Gross Domestic Product: Natural Resources and Mining (11, 21) in Arizona
AZNATRESMINRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,491.00
Year-over-Year Change
-6.79%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the real gross domestic product (GDP) of the natural resources and mining sector in Arizona. It is an important indicator of economic activity and productivity in this key industry.
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: Natural Resources and Mining (11, 21) in Arizona series tracks the inflation-adjusted output of the natural resources and mining sector, which includes activities such as oil and gas extraction, mining, and related support services. This metric provides insight into the relative size and performance of this industry within the state's overall economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is monitored by policymakers, analysts, and businesses to assess the health and competitiveness of Arizona's natural resource and mining industries.
Key Facts
- Arizona's natural resources and mining sector accounts for over 4% of the state's GDP.
- This industry employs more than 50,000 workers in Arizona.
- 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) of the natural resources and mining sector in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the performance and competitiveness of a key industry within Arizona's economy, which is crucial information for policymakers, businesses, and economic analysts.
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: This trend is monitored by policymakers, analysts, and businesses to assess the health and competitiveness of Arizona's natural resource and mining industries, which informs decisions related to economic development, taxation, and regulatory policies.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical release lag of 2-3 months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Natural Resources and Mining (11, 21) in Arizona (AZNATRESMINRGSP), retrieved from FRED.