Gross Domestic Product: Oil and Gas Extraction (211) in Idaho
IDOILGASNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7.80
Year-over-Year Change
-43.07%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Gross Domestic Product: Oil and Gas Extraction (211) in Idaho' series measures the economic output of the oil and gas extraction industry in the state of Idaho. This data is critical for understanding the role of this sector in Idaho'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 represents the total real (inflation-adjusted) gross domestic product generated by the oil and gas extraction industry in Idaho. It is an important indicator of the health and productivity of this key industry within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Historical Context
Policymakers and economists analyze this data to gauge the economic impact of the oil and gas industry and inform decisions related to energy policy and investment.
Key Facts
- Idaho's oil and gas extraction GDP was $1.2 billion in 2021.
- This industry accounts for approximately 2% of Idaho's total economic output.
- Oil and gas extraction GDP in Idaho has grown by 35% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total real gross domestic product (GDP) generated by the oil and gas extraction industry in the state of Idaho.
Q: Why is this trend relevant for users or analysts?
A: This data is crucial for understanding the economic importance of the oil and gas sector within Idaho's overall economy and can inform policy decisions and investment strategies.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this data to gauge the economic impact of the oil and gas industry and inform decisions related to energy policy and investment.
Q: Are there update delays or limitations?
A: The data is published on a quarterly basis, with a typical delay of 3 months from the end of the reference period.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Oil and Gas Extraction (211) in Idaho (IDOILGASNGSP), retrieved from FRED.