Gross Domestic Product: Mining (Except Oil and Gas) (212) in North Dakota
NDMINEXOILGASNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
689.20
Year-over-Year Change
55.96%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the output of the mining industry (excluding oil and gas) in North Dakota. It is an important indicator of the state's economic activity and diversification beyond the dominant energy 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
The Gross Domestic Product: Mining (Except Oil and Gas) (212) in North Dakota data series tracks the total value added by the mining industry, excluding oil and gas extraction, to the state's overall economic output. This metric provides insights into the performance and contribution of other mineral resources to North Dakota's economic growth.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard national income accounting principles.
Historical Context
This trend is closely monitored by policymakers, economists, and investors to assess the broader economic health and diversification of North Dakota's economy.
Key Facts
- North Dakota is a major producer of minerals like coal, clay, sand, and gravel.
- The mining sector (excluding oil and gas) accounts for around 3% of North Dakota's GDP.
- This trend has shown volatility in recent years due to fluctuations in global commodity prices.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the mining industry, excluding oil and gas extraction, in the state of North Dakota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the economic diversification and performance of North Dakota's economy beyond the dominant energy sector, which is important for policymakers and investors.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard national income accounting principles.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers and economists to assess the broader economic health and diversification of North Dakota's economy.
Q: Are there update delays or limitations?
A: The data is subject to regular updates by the U.S. Bureau of Economic Analysis, with potential lags in availability.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Mining (Except Oil and Gas) (212) in North Dakota (NDMINEXOILGASNGSP), retrieved from FRED.