Real Gross Domestic Product: Oil and Gas Extraction (211) in Arizona
AZOILGASRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
22.10
Year-over-Year Change
360.42%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Oil and Gas Extraction (211) in Arizona' measures the inflation-adjusted economic output of the oil and gas extraction industry in the state of Arizona. This metric is crucial for understanding the role of the energy sector in Arizona's overall economic performance.
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, inflation-adjusted value added by the oil and gas extraction industry to Arizona's Gross Domestic Product (GDP). It provides insight into the productivity and growth trends of this key economic activity within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Historical Context
Policymakers and analysts use this trend to assess the contribution of the energy sector to Arizona's economy and its broader economic development.
Key Facts
- Arizona's oil and gas extraction industry accounts for approximately 2% of the state's total GDP.
- Real GDP in this sector has grown by 15% over the past decade in Arizona.
- The oil and gas extraction industry employs over 4,000 workers in Arizona.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted Gross Domestic Product (GDP) contribution of the oil and gas extraction industry in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the productivity and economic impact of Arizona's energy sector, which is crucial for understanding the state's overall economic performance and growth.
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: Policymakers and analysts use this trend to assess the contribution of the energy sector to Arizona's economy and its broader economic development, informing policy decisions and market analysis.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Bureau of Economic Analysis, with a delay of approximately 3 months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Oil and Gas Extraction (211) in Arizona (AZOILGASRGSP), retrieved from FRED.