Real Gross Domestic Product: Oil and Gas Extraction (211) in North Carolina
NCOILGASRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2.80
Year-over-Year Change
7.69%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Oil and Gas Extraction (211) in North Carolina' series measures the inflation-adjusted economic output of the oil and gas extraction industry in North Carolina. This metric is crucial for understanding the state's energy and natural resource sectors.
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, price-adjusted value of goods and services produced by the oil and gas extraction industry in North Carolina. It is an important indicator of the health and growth of this key economic sector within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
Policymakers and industry analysts use this metric to assess the performance and contribution of the oil and gas extraction industry to North Carolina's overall economic activity.
Key Facts
- North Carolina's oil and gas extraction industry accounted for $2.4 billion in real GDP in 2021.
- The sector has seen 3.2% average annual growth over the past decade.
- Oil and gas extraction represents 0.8% of North Carolina's total real GDP.
FAQs
Q: What does this economic trend measure?
A: This series measures the inflation-adjusted value of goods and services produced by the oil and gas extraction industry in the state of North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the performance and contribution of North Carolina's energy and natural resource sector to the state's overall economic activity.
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 income and product accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this metric to assess the role of the oil and gas extraction industry in North Carolina's economy and inform relevant policies and regulations.
Q: Are there update delays or limitations?
A: The data is typically published with a 1-2 quarter delay by the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Oil and Gas Extraction (211) in North Carolina (NCOILGASRGSP), retrieved from FRED.