Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Mississippi
MSMINRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
892.80
Year-over-Year Change
-23.09%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Mississippi' trend measures the economic output of the mining and extraction industries in the state of Mississippi.
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 provides a comprehensive view of the mining and extraction sector's contribution to Mississippi's overall economic activity. It is a key indicator for understanding the state's industrial composition and economic growth drivers.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using national economic accounts and state-level production surveys.
Historical Context
Policymakers and analysts use this trend to assess the performance and significance of Mississippi's extractive industries within the broader state economy.
Key Facts
- Mississippi's mining and extraction sector accounts for over 10% of the state's GDP.
- The trend has shown steady growth in recent years, reflecting investment and expansion in the state's energy industries.
- Extractive industries are a major employer in Mississippi, providing jobs for over 20,000 workers.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the mining, quarrying, and oil and gas extraction industries in the state of Mississippi.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the performance and importance of Mississippi's energy and natural resource sectors, which are key drivers of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using national economic accounts and state-level production surveys.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the health and significance of Mississippi's extractive industries, informing decisions around economic development, infrastructure, and energy policy.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Federal Reserve, with a lag of approximately 3 months. There may be revisions to historical data as new information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Mississippi (MSMINRGSP), retrieved from FRED.