Gross Domestic Product: Petroleum and Coal Products Manufacturing (324) in Ohio
OHPETCOALMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
15,396.60
Year-over-Year Change
54.74%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the Gross Domestic Product (GDP) of the petroleum and coal products manufacturing industry in Ohio. It provides insight into the economic activity and output of this critical sector within 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
The Gross Domestic Product (GDP) is a comprehensive measure of the total economic output of a region or industry. The GDP of the petroleum and coal products manufacturing sector in Ohio represents the value-added production in this key industrial segment, shedding light on its contribution to the state's overall economic performance.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This economic trend is closely watched by policymakers, industry analysts, and investors to assess the health and competitiveness of Ohio's energy and manufacturing sectors.
Key Facts
- Ohio is a major producer of petroleum and coal products in the U.S.
- This industry accounts for a significant portion of the state's manufacturing GDP.
- The trend has shown volatility in recent years due to changes in global energy markets.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) of the petroleum and coal products manufacturing industry in the state of Ohio.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and economic contribution of a critical manufacturing sector within Ohio, which is useful for policymakers, industry analysts, 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 established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers to assess the health and competitiveness of Ohio's energy and manufacturing sectors, which informs economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is subject to the normal publication schedule and revision process of the U.S. Bureau of Economic Analysis, which may result in occasional update delays or revisions to previously reported figures.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Petroleum and Coal Products Manufacturing (324) in Ohio (OHPETCOALMANNGSP), retrieved from FRED.