Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in South Dakota
SDMINRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
159.10
Year-over-Year Change
13.08%
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 industry in South Dakota. It provides insights into the performance and contribution of this sector 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 South Dakota series represents the inflation-adjusted value added by this industry to the state's GDP. It is a key indicator for understanding the economic importance and growth dynamics of the natural resource extraction sector in South Dakota.
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 state's economic diversification, energy resource development, and overall business climate.
Key Facts
- South Dakota's mining, quarrying, and oil/gas extraction sector accounts for over 5% of the state's total GDP.
- This industry has seen steady growth in real output over the past decade, outpacing the overall state economy.
- The performance of this sector is closely linked to commodity prices and global energy market dynamics.
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 industry in the state of South Dakota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic importance and growth dynamics of the natural resource extraction sector in South Dakota, which is a key contributor to the state's overall economic activity.
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 state's economic diversification, energy resource development, and overall business climate.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the statistical agency, and there may be some publication delays compared to more frequently updated economic indicators.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in South Dakota (SDMINRGSP), retrieved from FRED.