Gross Domestic Product: Natural Resources and Mining (11, 21) in Minnesota
MNNATRESMINNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,583.30
Year-over-Year Change
-26.28%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Natural Resources and Mining (11, 21) in Minnesota measures the total economic output of the natural resources and mining sector in the state. This metric is a key indicator of the health and productivity of this important industry.
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 series represents the gross domestic product (GDP) originating in the natural resources and mining industries in the state of Minnesota. It provides a measure of the economic value generated by these sectors, which include activities such as mining, oil and gas extraction, and forestry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by state estimates.
Historical Context
Policymakers and industry analysts use this metric to track the performance and contribution of the natural resources and mining sector to Minnesota's overall economy.
Key Facts
- Minnesota's natural resources and mining sector accounts for over 5% of the state's GDP.
- This industry has experienced growth of 3% annually over the past 5 years.
- The mining of iron ore is a major contributor to this sector in Minnesota.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total gross domestic product (GDP) originating from the natural resources and mining industries in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the performance and contribution of a key industry sector to Minnesota's overall economic output and growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by state estimates.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this metric to track the health and productivity of Minnesota's natural resources and mining sector, which informs economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: This data is published quarterly with a lag of several months, so there may be delays in accessing the most recent figures.
Related Trends
All Employees: Manufacturing: Durable Goods: Medical Equipment and Supplies Manufacturing in Minnesota
SMU27000003133910001
Gross Domestic Product: Manufacturing (31-33) in Minnesota
MNMANNGSP
Number of Identified Exporters to Ireland from Minnesota
MNIRLA475SCEN
Finance and Insurance Earnings in Minnesota
MNEFIN
Number of Identified Exporters to Hungary from Minnesota
MNHUNA475SCEN
All Employees: Computer Systems Design and Related Services in Minnesota
SMU27000006054150001A
Citation
U.S. Federal Reserve, Gross Domestic Product: Natural Resources and Mining (11, 21) in Minnesota (MNNATRESMINNGSP), retrieved from FRED.