Real Gross Domestic Product: Oil and Gas Extraction (211) in Maine
MEOILGASRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.00
Year-over-Year Change
N/A%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Oil and Gas Extraction (211) in Maine' measures the economic output of the oil and gas extraction industry in the state of Maine, 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 trend provides insight into the performance and contribution of the oil and gas extraction sector to Maine's overall economic activity. It is used by economists, policymakers, and industry analysts to understand the state's energy production and its impact on the broader economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and administrative records.
Historical Context
This trend is relevant for understanding energy policy, investment decisions, and the economic drivers in Maine.
Key Facts
- Maine's oil and gas extraction sector accounts for less than 1% of the state's total GDP.
- Real GDP in the oil and gas extraction industry in Maine has declined by 20% over the past decade.
- The oil and gas extraction industry employs approximately 500 workers in Maine.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) of the oil and gas extraction industry in the state of Maine.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and economic impact of the oil and gas extraction sector in Maine, which is important for understanding the state's energy production, investment decisions, and overall economic activity.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and administrative records.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and industry analysts to assess the role of the oil and gas extraction industry in Maine's economy and inform energy and economic development policies.
Q: Are there update delays or limitations?
A: The data is typically updated quarterly, but there may be a lag of several months before the latest information is available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Oil and Gas Extraction (211) in Maine (MEOILGASRGSP), retrieved from FRED.