Gross Domestic Product: Oil and Gas Extraction (211) in Connecticut
CTOILGASNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.00
Year-over-Year Change
N/A%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Oil and Gas Extraction (211) in Connecticut measures the economic output of the oil and gas extraction industry in the state. This data point is crucial for understanding the role of energy production in Connecticut's overall economic activity.
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 value added by the oil and gas extraction industry to Connecticut's gross domestic product. It is used by economists and policymakers to analyze the state's energy sector, track its contribution to economic growth, and inform energy and industrial policies.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using production and pricing information from surveys and government sources.
Historical Context
This trend is relevant for understanding Connecticut's energy landscape and how it impacts the state's overall economic performance.
Key Facts
- Connecticut's oil and gas extraction industry contributed $1.7 billion to the state's GDP in 2020.
- The industry's GDP contribution has declined by 25% since 2015.
- Oil and gas extraction accounts for approximately 1% of Connecticut's total economic output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the value added by the oil and gas extraction industry to Connecticut's gross domestic product, providing insight into the importance of energy production to the state's economy.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for understanding the role of the energy sector in Connecticut's overall economic performance and can inform policymakers and industry stakeholders about the state's energy landscape.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using production and pricing information from surveys and government sources.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the energy industry's contribution to Connecticut's economy, informing energy and industrial policies in the state.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates by the U.S. Bureau of Economic Analysis, and there may be some delays in the availability of the most recent information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Oil and Gas Extraction (211) in Connecticut (CTOILGASNGSP), retrieved from FRED.