Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Mississippi
MSMINNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,127.70
Year-over-Year Change
-34.95%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Mississippi measures the economic output of the mining and energy extraction sectors in the state. This key metric helps policymakers and analysts assess the health and trends in this important component of Mississippi's economy.
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 tracks the real gross domestic product (GDP) for the mining, quarrying, and oil and gas extraction industry in the state of Mississippi. It provides valuable insights into the performance and contribution of this sector to the overall state economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Historical Context
Analysts and policymakers monitor this metric to understand the dynamics of Mississippi's energy and natural resource extraction industries and their influence on the broader state economy.
Key Facts
- Mississippi's mining and energy sector accounts for over 5% of the state's GDP.
- The industry employs around 20,000 workers in the state.
- Mississippi is a major producer of natural gas, crude oil, and industrial minerals.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real gross domestic product (GDP) of the mining, quarrying, and oil and gas extraction industry in the state of Mississippi.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into the performance and economic contribution of Mississippi's energy and natural resource extraction sectors, which are crucial components of the state's economy.
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 frameworks.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this metric to understand the dynamics of Mississippi's energy and natural resource extraction industries and their influence on the broader state economy.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Mississippi (MSMINNGSP), retrieved from FRED.