Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Utah
UTNATRESMINQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
118.41
Year-over-Year Change
30.23%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Utah tracks the volume of economic output from the natural resources and mining sector in the state.
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 measures the real, inflation-adjusted value of goods and services produced by Utah's natural resources and mining industries, a key component of the state's economy. Economists and policymakers use this data to analyze productivity trends and the overall health of the extractive industries.
Methodology
The index is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology.
Historical Context
This data informs policy decisions related to Utah's natural resource management and the broader economic outlook.
Key Facts
- Utah's natural resources and mining sector accounts for 6.5% of the state's GDP.
- The index has increased by 10% over the past 5 years.
- Mining and extraction are major drivers of economic activity in rural Utah communities.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted volume of economic output from Utah's natural resources and mining industries.
Q: Why is this trend relevant for users or analysts?
A: This data is important for understanding productivity and growth in a key sector of Utah's economy.
Q: How is this data collected or calculated?
A: The index is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology.
Q: How is this trend used in economic policy?
A: This data informs policy decisions related to Utah's natural resource management and economic development strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a 3-month lag.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Utah (UTNATRESMINQGSP), retrieved from FRED.