Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Maryland
MDNATRESMINQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
104.35
Year-over-Year Change
26.24%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Maryland measures the inflation-adjusted output of the natural resources and mining sector in the state's economy. This metric is crucial for understanding the state's economic performance and trends in key 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 output of the natural resources and mining industry in Maryland, which includes activities such as oil and gas extraction, mining, and logging. It provides insights into the productivity and growth of this important economic sector over time.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Historical Context
Policymakers and analysts use this metric to assess the health and competitiveness of Maryland's natural resources and mining industry.
Key Facts
- The index is based on 2012 as the reference year.
- Natural resources and mining account for around 2% of Maryland's total GDP.
- The index reached its highest level in 2019 before declining in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the inflation-adjusted output of the natural resources and mining sector in the Maryland economy.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the productivity and growth of a key industry in Maryland, which is crucial 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 a chain-type quantity index formula.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the health and competitiveness of Maryland's natural resources and mining industry, which informs economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Bureau of Economic Analysis, but there may be a short delay before the latest figures are available.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Maryland (MDNATRESMINQGSP), retrieved from FRED.