Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Pennsylvania
PAMINNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
14,884.90
Year-over-Year Change
24.82%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Pennsylvania' trend measures the economic output of this industry sector in the state. This metric is closely watched by economists and policymakers to gauge the health and trajectory of Pennsylvania's energy and natural resource production.
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 total value added by the mining, quarrying, and oil and gas extraction industry to Pennsylvania's gross domestic product. It is an important indicator of the state's energy and natural resource production capacity and can inform policy decisions around energy, environment, and economic development.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Economists and industry analysts use this metric to monitor Pennsylvania's energy and natural resource sector performance and its broader economic implications.
Key Facts
- Pennsylvania is a major energy-producing state.
- This sector accounts for over 3% of the state's GDP.
- Output has fluctuated significantly with commodity price changes.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total value added by the mining, quarrying, and oil and gas extraction industry to Pennsylvania's gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: This metric is an important indicator of Pennsylvania's energy and natural resource production capacity, which is highly relevant for economists, policymakers, and industry analysts.
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: Economists and industry analysts use this metric to monitor Pennsylvania's energy and natural resource sector performance and its broader economic implications, which can inform policy decisions around energy, environment, and economic development.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedule and potential revisions as other GDP-related statistics published by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Pennsylvania (PAMINNGSP), retrieved from FRED.