Real Gross Domestic Product: Natural Resources and Mining (11, 21) in Tennessee
TNNATRESMINRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,135.40
Year-over-Year Change
22.40%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the natural resources and mining sector in Tennessee. It provides valuable insights into the productivity and contribution of this critical industry to the state's economy.
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: Natural Resources and Mining (11, 21) in Tennessee series represents the inflation-adjusted economic output of the natural resources and mining industries, including activities such as oil and gas extraction, mining, and related support services. This metric is widely used by economists and policymakers to analyze the performance and importance of this sector within the state's overall economic landscape.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
This trend is particularly relevant for understanding the role of natural resources and mining in Tennessee's economic development and informing policy decisions related to energy, resource management, and industrial growth.
Key Facts
- Tennessee's natural resources and mining sector accounts for approximately 3% of the state's total GDP.
- Real GDP in this sector has grown by an average of 2.5% annually over the past decade.
- Oil and gas extraction is the largest component of Tennessee's natural resources and mining industry.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) of the natural resources and mining sector in the state of Tennessee.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the productivity and economic contribution of Tennessee's natural resources and mining industries, which are crucial for understanding the state's overall economic performance and informing policy decisions.
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 income and product accounting methods.
Q: How is this trend used in economic policy?
A: This trend is used by economists, policymakers, and industry analysts to monitor the performance of Tennessee's natural resources and mining sector, assess its impact on the state's economy, and inform decisions related to energy, resource management, and industrial development.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, with a delay of approximately two to three months from the end of the reference period.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Natural Resources and Mining (11, 21) in Tennessee (TNNATRESMINRGSP), retrieved from FRED.