Gross Domestic Product: Oil and Gas Extraction (211) in Minnesota
MNOILGASNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
59.40
Year-over-Year Change
-33.11%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Gross Domestic Product: Oil and Gas Extraction (211) in Minnesota' trend measures the economic output of the oil and gas extraction industry in the state of Minnesota. It is an important indicator for monitoring the energy sector's contribution 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
This series represents the inflation-adjusted gross domestic product (GDP) specifically for the oil and gas extraction industry (NAICS code 211) within the state of Minnesota. It provides insight into the production and growth of this key economic sector at the state level.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and industry analysts use this state-level GDP data to assess the performance and contribution of the oil and gas extraction industry within Minnesota's economy.
Key Facts
- Oil and gas extraction accounts for approximately 1.5% of Minnesota's GDP.
- This industry employed over 5,000 workers in Minnesota as of 2021.
- Minnesota's oil and gas GDP has grown by 25% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) specifically for the oil and gas extraction industry within the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This state-level GDP data provides insight into the performance and contribution of the oil and gas extraction sector to Minnesota's overall economy, which is useful for policymakers and industry analysts.
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: Policymakers and analysts use this state-level GDP data to assess the economic importance of the oil and gas extraction industry within Minnesota and inform policy decisions.
Q: Are there update delays or limitations?
A: The data is subject to the release schedule and potential revisions of the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Oil and Gas Extraction (211) in Minnesota (MNOILGASNGSP), retrieved from FRED.