Real Gross Domestic Product: Natural Resources and Mining (11, 21) in Illinois
ILNATRESMINRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,823.00
Year-over-Year Change
-11.87%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Real Gross Domestic Product: Natural Resources and Mining (11, 21) in Illinois' series measures the economic output of the natural resources and mining sector in Illinois, adjusted for inflation.
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 economic indicator provides insight into the performance and contribution of Illinois' natural resources and mining industries to the state's overall economic activity. It is a valuable metric for policymakers, investors, and analysts seeking to understand trends in key sectors of the Illinois economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Trends in this metric can inform decisions around natural resource management, energy policy, and economic development strategies in Illinois.
Key Facts
- Illinois is a major producer of coal, oil, and natural gas.
- The natural resources and mining sector accounts for over 2% of Illinois' GDP.
- This metric has shown steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the natural resources and mining sector in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the performance and economic contribution of Illinois' natural resources and mining industries, which are important drivers of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Trends in this metric can inform decisions around natural resource management, energy policy, and economic development strategies in Illinois.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical release lag of 2-3 months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Natural Resources and Mining (11, 21) in Illinois (ILNATRESMINRGSP), retrieved from FRED.