Chain-Type Quantity Index for Real GDP: Oil and Gas Extraction (211) in Illinois
ILOILGASQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
146.07
Year-over-Year Change
138.34%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Oil and Gas Extraction (211) in Illinois measures the inflation-adjusted output of the oil and gas extraction industry in Illinois. This metric is crucial for analyzing the state's economic performance and energy sector trends.
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
The Chain-Type Quantity Index tracks the volume of goods and services produced by the oil and gas extraction industry in Illinois. It is an important indicator for understanding the state's economic growth, productivity, and the role of the energy sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This index is widely used by economists, policymakers, and industry analysts to monitor the health and evolution of Illinois' energy production and its impact on the broader state economy.
Key Facts
- The index is calculated using a chain-type methodology to account for changes in the composition of goods and services over time.
- Illinois is a major oil and gas producing state, accounting for a significant portion of the Midwest region's energy output.
- The index is an important indicator for understanding the role of the energy sector in Illinois' overall economic performance.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Oil and Gas Extraction (211) in Illinois measures the inflation-adjusted output of the oil and gas extraction industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This index is crucial for analyzing the performance of Illinois' energy sector and understanding its impact on the state's overall economic growth and productivity.
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: The index is widely used by economists, policymakers, and industry analysts to monitor the health and evolution of Illinois' energy production and its impact on the broader state economy.
Q: Are there update delays or limitations?
A: The index is updated regularly by the U.S. Bureau of Economic Analysis, but there may be publication delays or limitations inherent to national economic data.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Oil and Gas Extraction (211) in Illinois (ILOILGASQGSP), retrieved from FRED.