Production: Mining: Total for Norway
NORPRMITO01IXOBSAM • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
104.20
Year-over-Year Change
3.78%
Date Range
1/1/1995 - 11/1/2023
Summary
The 'Production: Mining: Total for Norway' trend measures the total output of the mining industry in Norway. It is an important indicator of economic activity and resource extraction in the country.
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 overall volume of mining production in Norway, including extraction of metals, minerals, fossil fuels, and other natural resources. It is a key metric for analyzing Norway's industrial activity, energy supply, and natural resource-based economy.
Methodology
The data is collected through surveys of mining and extraction companies operating in Norway.
Historical Context
Policymakers and analysts use this index to assess the health of Norway's mining sector and broader economic conditions.
Key Facts
- Norway is a major global producer of oil, natural gas, and minerals.
- Mining accounts for over 10% of Norway's GDP.
- Norway's mining output experienced a decline during the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: The 'Production: Mining: Total for Norway' trend measures the overall output and activity of Norway's mining and natural resource extraction industries.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the health and performance of Norway's resource-based economy, which is a key driver of the country's GDP and exports.
Q: How is this data collected or calculated?
A: The data is collected through surveys of mining and extraction companies operating in Norway.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to assess the strength of Norway's mining sector and broader economic conditions, which informs decisions on resource management, energy policy, and industrial development.
Q: Are there update delays or limitations?
A: The data may be subject to periodic revisions and can have lags in reporting due to the nature of the underlying survey-based collection process.
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Citation
U.S. Federal Reserve, Production: Mining: Total for Norway (NORPRMITO01IXOBSAM), retrieved from FRED.