Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Pennsylvania
PAMINRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
12,263.00
Year-over-Year Change
52.67%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the mining, quarrying, and oil and gas extraction sector in Pennsylvania. It provides insights into the performance and contribution of this important industry to the state's overall economic activity.
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 Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Pennsylvania series represents the inflation-adjusted value added by this sector to the state's GDP. It is a key indicator for understanding the health and growth of Pennsylvania's resource extraction and energy production industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is closely monitored by policymakers, industry analysts, and investors to assess the economic conditions and outlook for Pennsylvania's energy and natural resource sectors.
Key Facts
- Pennsylvania is a major producer of natural gas, coal, and other minerals.
- The mining and energy sector accounts for a significant portion of the state's GDP.
- This trend can signal changes in investment, employment, and economic growth in Pennsylvania.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) of the mining, quarrying, and oil and gas extraction sector in the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and contribution of Pennsylvania's energy and natural resource industries to the state's overall economic activity, which is crucial for policymakers, investors, 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: This trend is closely monitored by policymakers, industry analysts, and investors to assess the economic conditions and outlook for Pennsylvania's energy and natural resource sectors, which can inform policy decisions and investment strategies.
Q: Are there update delays or limitations?
A: The data is subject to the typical update schedule and potential revisions common to U.S. government economic statistics.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Pennsylvania (PAMINRGSP), retrieved from FRED.