Chain-Type Quantity Index for Real GDP: Oil and Gas Extraction (211) in Pennsylvania
PAOILGASQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
159.87
Year-over-Year Change
366.09%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Oil and Gas Extraction (211) in Pennsylvania measures the real output of the oil and gas extraction industry in the state. This metric is important for economists and policymakers to assess the health and productivity of a key energy sector.
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 quantity of real output from Pennsylvania's oil and gas extraction industry, which includes establishments primarily engaged in operating and developing oil and gas field properties. It is used to analyze economic trends and productivity in this vital energy sector.
Methodology
The data is calculated based on industry-level real GDP statistics compiled by the U.S. Bureau of Economic Analysis.
Historical Context
This trend is closely watched by energy analysts, investors, and policymakers to understand the economic dynamics of Pennsylvania's oil and gas industry.
Key Facts
- Pennsylvania is a major oil and gas producing state.
- This index captures volume changes, not price changes.
- The data is released quarterly by the Federal Reserve.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted output of the oil and gas extraction industry in the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the productivity and economic contribution of Pennsylvania's vital oil and gas sector.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis based on industry-level real GDP statistics.
Q: How is this trend used in economic policy?
A: Policymakers and energy analysts closely monitor this index to assess the health and economic impact of Pennsylvania's oil and gas industry.
Q: Are there update delays or limitations?
A: The data is released on a quarterly basis, with a typical 1-2 month delay after the end of each quarter.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Oil and Gas Extraction (211) in Pennsylvania (PAOILGASQGSP), retrieved from FRED.