Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Illinois
ILNATRESMINQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
75.33
Year-over-Year Change
-11.87%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Illinois measures the inflation-adjusted output of the natural resources and mining sectors in the state. This metric is closely watched by policymakers and economists to gauge the health and growth of key industries in the regional economy.
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 quantity of goods and services produced by the natural resources and mining sectors in Illinois, adjusted for price changes. It provides an important snapshot of economic activity and productivity in these critical industries, which are fundamental to the state's overall economic performance.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology to account for changing prices and industry composition.
Historical Context
Policymakers and analysts use this index to inform economic planning, investment decisions, and assessments of regional competitiveness.
Key Facts
- Illinois is a major producer of coal, oil, and natural gas.
- The natural resources and mining sector accounts for over 4% of the state's GDP.
- This index has declined by 15% since 2015 due to reduced energy production.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Illinois measures the inflation-adjusted output of the natural resources and mining sectors in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides an important snapshot of economic activity and productivity in these critical industries, which are fundamental to Illinois' overall economic performance.
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 methodology to account for changing prices and industry composition.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to inform economic planning, investment decisions, and assessments of regional competitiveness.
Q: Are there update delays or limitations?
A: The index is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month reporting lag.
Related Trends
Real Personal Income in Illinois
ILOPER
Gross Domestic Product: Manufacturing (31-33) in Illinois
ILMANNQGSP
Personal Consumption Expenditures: Services: Household Consumption Expenditures for Services for Illinois
ILPCEHCE
All Employees: Professional and Business Services: Architectural, Engineering, and Related Services in Illinois
SMU17000006054130001SA
Chain-Type Quantity Index for Real GDP: Chemical Manufacturing (325) in Illinois
ILCHEMMANQGSP
Real Gross Domestic Product: Ambulatory Health Care Services (621) in Illinois
ILAMBHCRGSP
Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Illinois (ILNATRESMINQGSP), retrieved from FRED.