Gross Domestic Product: Oil and Gas Extraction (211) in Pennsylvania
PAOILGASNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
10,020.90
Year-over-Year Change
133.06%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Gross Domestic Product: Oil and Gas Extraction (211) in Pennsylvania' series measures the economic output of the oil and gas extraction industry in the state of Pennsylvania. This metric is important for understanding regional energy production and its contribution 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
This series tracks the gross domestic product (GDP) generated by the oil and gas extraction industry (North American Industry Classification System code 211) within the state of Pennsylvania. It provides insight into the scale and performance of this key sector of the Pennsylvania economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Historical Context
Policymakers and industry analysts use this metric to monitor trends in Pennsylvania's energy production and its economic implications.
Key Facts
- Pennsylvania is a top-10 oil and gas producing state in the U.S.
- Oil and gas extraction accounts for over 1% of Pennsylvania's total GDP.
- GDP from this industry has fluctuated significantly over the past decade.
FAQs
Q: What does this economic trend measure?
A: This series measures the gross domestic product (GDP) generated by the oil and gas extraction industry in the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the scale and performance of a key sector of the Pennsylvania economy, which is important for understanding regional energy production and its economic implications.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this metric to monitor trends in Pennsylvania's energy production and its economic impacts.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Oil and Gas Extraction (211) in Pennsylvania (PAOILGASNGSP), retrieved from FRED.