Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in Maryland
MDMINQQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
78.79
Year-over-Year Change
-10.34%
Date Range
1/1/2005 - 1/1/2025
Summary
The Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in Maryland measures the inflation-adjusted output of this sector in the state's economy. This trend is closely watched by economists and policymakers to gauge the health and productivity of Maryland's extractive industries.
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, price-adjusted volume of goods and services produced by the mining, quarrying, and oil and gas extraction sector in Maryland. It is a key indicator of the sector's economic contribution and productivity, and is used to analyze long-term growth and structural changes in the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Trends in this index are monitored by government agencies, industry groups, and analysts to inform economic policy and investment decisions.
Key Facts
- Maryland's mining and extraction sector accounts for around 1% of the state's GDP.
- This index has trended upward since the early 2000s, indicating growth in the sector.
- The index is seasonally adjusted to account for typical production cycles.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted output of Maryland's mining, quarrying, and oil and gas extraction sector.
Q: Why is this trend relevant for users or analysts?
A: This index is a key indicator of the productivity and economic contribution of Maryland's extractive industries, which is important for understanding the state's 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 established national accounting principles.
Q: How is this trend used in economic policy?
A: Trends in this index are monitored by government agencies, industry groups, and analysts to inform economic policy and investment decisions related to Maryland's extractive industries.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in Maryland (MDMINQQGSP), retrieved from FRED.