Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in North Carolina
NCMINQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
145.58
Year-over-Year Change
244.88%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in North Carolina measures the inflation-adjusted output from this key economic sector in the state.
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 the real production volume of mining, quarrying, and oil and gas extraction industries in North Carolina. It is an important indicator of economic activity and productivity in the state's natural resource extraction sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and economists use this index to gauge the health and trends in North Carolina's natural resource industries.
Key Facts
- North Carolina's mining and extraction sector accounts for 2.3% of the state's GDP.
- This index has a base year of 2012.
- Output in this sector grew by 5.1% in 2021.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of the mining, quarrying, and oil and gas extraction industries in North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the performance and productivity of a key sector of North Carolina'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.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this index to gauge the health and trends in North Carolina's natural resource industries.
Q: Are there update delays or limitations?
A: The data is typically released with a 1-2 month delay.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in North Carolina (NCMINQGSP), retrieved from FRED.