Real Gross Domestic Product: Support Activities for Mining (213) in North Dakota
NDSAMINRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,617.50
Year-over-Year Change
77.74%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic indicator measures the real gross domestic product (GDP) of support activities for mining in North Dakota. It is an important metric for understanding the state's energy and natural resource production 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
Real GDP for support activities for mining in North Dakota is a key indicator of the scale and productivity of the state's energy and extraction industries. It helps analysts and policymakers track the economic contribution and performance of this crucial component of North Dakota's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP accounts.
Historical Context
Trends in this indicator are closely watched by energy companies, state government, and economic development agencies.
Key Facts
- North Dakota is a major energy-producing state.
- Mining support activities are a significant part of the state's economy.
- This indicator helps track the performance of the state's energy sector.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the real gross domestic product (GDP) of support activities for mining in the state of North Dakota.
Q: Why is this trend relevant for users or analysts?
A: It provides insight into the scale and productivity of North Dakota's energy and natural resource extraction industries, 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 as part of its regional GDP accounts.
Q: How is this trend used in economic policy?
A: Trends in this indicator are closely watched by energy companies, state government, and economic development agencies to understand the performance of North Dakota's energy sector.
Q: Are there update delays or limitations?
A: The data is subject to the publication schedule and revision practices of the U.S. Bureau of Economic Analysis' regional GDP accounts.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Support Activities for Mining (213) in North Dakota (NDSAMINRGSP), retrieved from FRED.