Chain-Type Quantity Index for Real GDP: Oil and Gas Extraction (211) in Minnesota
MNOILGASQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
221.10
Year-over-Year Change
33.71%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Oil and Gas Extraction (211) in Minnesota measures the inflation-adjusted output of the oil and gas extraction industry in the state. It is a key indicator of economic activity and productivity in this important sector.
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 index tracks changes in the real, volume-adjusted value of goods and services produced by the oil and gas extraction industry in Minnesota. It is used by economists and policymakers to analyze trends in energy production, investment, and the broader state economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula that adjusts for price changes over time.
Historical Context
The oil and gas extraction index provides timely insights into a major driver of Minnesota's economy and is closely monitored by industry analysts and state officials.
Key Facts
- Minnesota is a top-10 oil and gas producing state in the U.S.
- The oil and gas extraction industry accounts for over $10 billion in annual GDP in Minnesota.
- This index has shown steady growth in real output since the mid-2000s.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Oil and Gas Extraction (211) in Minnesota measures the inflation-adjusted output of the oil and gas extraction industry in the state.
Q: Why is this trend relevant for users or analysts?
A: This index provides key insights into a major driver of Minnesota's economy and is closely monitored by industry analysts and state officials.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula that adjusts for price changes over time.
Q: How is this trend used in economic policy?
A: The oil and gas extraction index is used by economists and policymakers to analyze trends in energy production, investment, and the broader state economy.
Q: Are there update delays or limitations?
A: The index is published quarterly with a lag, providing timely but not real-time data on this sector.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Oil and Gas Extraction (211) in Minnesota (MNOILGASQGSP), retrieved from FRED.