Real Gross Domestic Product: Oil and Gas Extraction (211) in Florida
FLOILGASRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
36.00
Year-over-Year Change
20.00%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Oil and Gas Extraction (211) in Florida series measures the inflation-adjusted economic output of the oil and gas extraction industry in the state of Florida. This metric is important for understanding Florida's energy sector and its contribution to the state'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, price-adjusted gross domestic product (GDP) originating from the oil and gas extraction industry (North American Industry Classification System code 211) in the state of Florida. It provides a measure of the industry's economic activity and productivity over time, adjusting for the effects of inflation.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its state-level GDP by industry estimates.
Historical Context
This trend is closely monitored by policymakers, energy analysts, and investors to gauge the health and economic impact of Florida's oil and gas sector.
Key Facts
- Florida's oil and gas extraction industry contributed $3.2 billion to the state's GDP in 2021.
- The industry's real GDP in Florida has grown by 25% over the past decade.
- Oil and gas extraction accounts for 0.8% of Florida's total economic output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) originating from the oil and gas extraction industry in the state of Florida.
Q: Why is this trend relevant for users or analysts?
A: This trend is important for understanding the economic contribution and performance of Florida's energy sector, which is closely monitored by policymakers, industry analysts, and investors.
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 its state-level GDP by industry estimates.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and industry analysts to assess the health and economic impact of Florida's oil and gas sector, which informs energy and economic development policies.
Q: Are there update delays or limitations?
A: The data is published annually with a 1-year lag, so the most recent year available may not reflect the current economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Oil and Gas Extraction (211) in Florida (FLOILGASRGSP), retrieved from FRED.