Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Minnesota
MNMINRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,885.00
Year-over-Year Change
31.76%
Date Range
1/1/2005 - 1/1/2025
Summary
The Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Minnesota is an economic indicator that measures the real output of the mining, quarrying, and oil and gas extraction industry in the state.
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 trend represents the value-added output of Minnesota's mining, quarrying, and oil and gas extraction sector, adjusted for inflation. It is an important metric for understanding the performance and contribution of this key industry to the state's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
This trend is relevant for policymakers, industry analysts, and investors monitoring the health and development of Minnesota's natural resource extraction sector.
Key Facts
- Minnesota is a leading producer of iron ore, taconite, and other mined materials.
- The mining, quarrying, and oil and gas extraction sector accounts for over 5% of Minnesota's GDP.
- This trend has shown significant volatility over the past decade due to commodity price fluctuations.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted output of Minnesota's mining, quarrying, and oil and gas extraction industry.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and contribution of a key sector of Minnesota's economy, which is crucial for policymakers, industry analysts, and investors.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and industry analysts to monitor the health and development of Minnesota's natural resource extraction sector and inform economic policy decisions.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Bureau of Economic Analysis, with occasional revisions and delays due to the complexity of measuring economic output.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Minnesota (MNMINRQGSP), retrieved from FRED.