Real Gross Domestic Product: Natural Resources and Mining (11, 21) in Maryland
MDNATRESMINRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,374.20
Year-over-Year Change
26.25%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) contributed by the natural resources and mining sectors in the state of Maryland. It provides important insights into the performance and contribution of these industries to the state's overall economic activity.
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 Real Gross Domestic Product: Natural Resources and Mining (11, 21) in Maryland series tracks the inflation-adjusted value added by the natural resources and mining industries to the state's GDP. This metric is useful for analyzing the relative importance and trends within these sectors, which can inform policy decisions and investment strategies.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is relevant for policymakers, investors, and economic analysts seeking to understand the role of natural resources and mining in Maryland's economy.
Key Facts
- Maryland's natural resources and mining sectors account for approximately 1.5% of the state's GDP.
- This trend has shown modest growth over the past decade, reflecting the relatively stable performance of these industries.
- The natural resources and mining sectors employ around 7,000 workers in Maryland, or about 0.2% of the state's total workforce.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) contributed by the natural resources and mining sectors in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and relative importance of the natural resources and mining industries within Maryland's economy, which can inform policy decisions and investment strategies.
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: This trend is relevant for policymakers, investors, and economic analysts seeking to understand the role of natural resources and mining in Maryland's economy and make informed decisions.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Natural Resources and Mining (11, 21) in Maryland (MDNATRESMINRGSP), retrieved from FRED.