Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Idaho
IDNATRESMINQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
135.86
Year-over-Year Change
49.30%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Idaho measures the volume of economic output from the natural resources and mining sector in the state.
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 index tracks the real (inflation-adjusted) dollar value of goods and services produced by Idaho's natural resources and mining industries, which are important contributors to the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted index formula.
Historical Context
This metric is used by policymakers and analysts to gauge the health and growth of Idaho's extractive industries.
Key Facts
- Idaho is a major producer of silver, phosphate, and other minerals.
- The natural resources and mining sector accounts for over 5% of Idaho's GDP.
- This index uses a chain-weighted formula to track real output growth.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Idaho measures the volume of economic output from the state's natural resources and mining sector.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the health and growth of Idaho's extractive industries, which are a key part of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted index formula.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to gauge the performance of Idaho's natural resources and mining sectors and their impact on the overall state economy.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the Bureau of Economic Analysis, with a lag of several months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Idaho (IDNATRESMINQGSP), retrieved from FRED.