Real Gross Domestic Product: Oil and Gas Extraction (211) in South Dakota
SDOILGASRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
9.40
Year-over-Year Change
20.51%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Oil and Gas Extraction (211) in South Dakota measures the state's economic output from the oil and gas extraction industry, adjusted for inflation.
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 economic trend provides insight into the productivity and growth of South Dakota's vital oil and gas sector, which is an important driver of the state's economy. Policymakers and analysts use this data to assess industry performance and its broader economic impact.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys and statistical modeling.
Historical Context
This metric is useful for evaluating the health of South Dakota's energy industry and its influence on the state's overall economic conditions.
Key Facts
- South Dakota is a major oil and gas producing state.
- The oil and gas industry accounts for a significant portion of the state's GDP.
- This metric tracks changes in the real output of the sector over time.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) generated by the oil and gas extraction industry in the state of South Dakota, adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the performance and contribution of South Dakota's critical energy sector, which is an important driver of the state's overall economic activity.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys and statistical modeling.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this data to assess the health and growth of South Dakota's oil and gas industry and its broader impact on the state's economy.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the collecting agency, and there may be a short delay in the most recent figures being available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Oil and Gas Extraction (211) in South Dakota (SDOILGASRGSP), retrieved from FRED.