Gross Domestic Product: Oil and Gas Extraction (211) in Colorado
COOILGASNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
12,651.50
Year-over-Year Change
46.19%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Oil and Gas Extraction (211) in Colorado measures the economic output of the oil and gas extraction industry in the state. This trend is important for understanding the contribution of the energy sector to Colorado'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 tracks the real gross domestic product (GDP) of the oil and gas extraction industry in Colorado. It provides insight into the size and growth of this crucial economic activity, which has important implications for employment, investment, and state tax revenues.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and industry analysts use this trend to assess the state's energy economy and its role in the broader economic landscape.
Key Facts
- Colorado is a major oil and gas producing state.
- The energy sector accounts for a significant portion of the state's GDP.
- This trend has implications for employment, investment, and tax revenues.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the oil and gas extraction industry in the state of Colorado.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the size and growth of Colorado's energy sector, which is a crucial component of the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this trend to assess the state's energy economy and its role in the broader economic landscape, informing decision-making and policy development.
Q: Are there update delays or limitations?
A: The data is subject to the regular update schedule and potential revisions of the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Oil and Gas Extraction (211) in Colorado (COOILGASNGSP), retrieved from FRED.