Real Gross Domestic Product: Oil and Gas Extraction (211) in Hawaii
HIOILGASRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.00
Year-over-Year Change
-100.00%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Oil and Gas Extraction (211) in Hawaii' measures the inflation-adjusted economic output of the oil and gas extraction industry in Hawaii. This metric is crucial for understanding the state's energy sector and 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 GDP contribution of the oil and gas extraction industry in Hawaii, which includes activities such as exploration, drilling, and production. It provides insight into the size and growth of this important economic activity within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Historical Context
Policymakers and analysts use this metric to gauge the relative importance of the oil and gas industry to Hawaii's economy.
Key Facts
- Hawaii's oil and gas extraction industry accounts for less than 1% of the state's total GDP.
- Real GDP from oil and gas extraction in Hawaii has declined by 15% over the past decade.
- The oil and gas extraction industry employed around 700 workers in Hawaii as of 2020.
FAQs
Q: What does this economic trend measure?
A: This metric measures the inflation-adjusted economic output or real GDP of the oil and gas extraction industry in the state of Hawaii.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the size and performance of Hawaii's energy sector, which is crucial for understanding the state's overall economic conditions and growth.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis collects and calculates this data using standard GDP accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to gauge the relative importance of the oil and gas industry to Hawaii's economy and inform energy and economic development policies.
Q: Are there update delays or limitations?
A: This data is published quarterly by the U.S. Bureau of Economic Analysis, with potential lags of several months between the reference period and publication.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Oil and Gas Extraction (211) in Hawaii (HIOILGASRGSP), retrieved from FRED.