Real Gross Domestic Product: Oil and Gas Extraction (211) in Minnesota
MNOILGASRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
48.20
Year-over-Year Change
33.89%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Oil and Gas Extraction (211) in Minnesota measures the real output of the oil and gas extraction industry in the state. This metric is important for economists and policymakers to assess the economic health and growth trends of this key natural resource 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 series represents the real (inflation-adjusted) value added by the oil and gas extraction industry to Minnesota's overall gross domestic product. It provides insights into the productivity and contribution of this industry to the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using production and price indices.
Historical Context
Policymakers and industry analysts use this metric to understand the dynamics of Minnesota's energy sector and its impact on the broader state economy.
Key Facts
- Minnesota is a major producer of crude oil and natural gas.
- The oil and gas extraction industry contributed over $5 billion to Minnesota's GDP in 2021.
- Real GDP in this sector grew by 7.2% in 2021 compared to the prior year.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted value added by the oil and gas extraction industry to Minnesota's overall gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the productivity and economic contribution of Minnesota's energy sector, which is crucial for understanding the state's economic growth and development.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using production and price indices.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this metric to assess the dynamics of Minnesota's energy sector and its impact on the broader state economy, informing policy decisions and investment strategies.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the Bureau of Economic Analysis, and there may be some delay in the availability of the most recent figures.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Oil and Gas Extraction (211) in Minnesota (MNOILGASRGSP), retrieved from FRED.