Gross Domestic Product: Oil and Gas Extraction (211) in Virginia
VAOILGASNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
94.80
Year-over-Year Change
-45.14%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Oil and Gas Extraction (211) in Virginia series measures the economic output of the oil and gas extraction industry in the state of Virginia. This data is critical for understanding the role of the energy sector in the Virginia 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
This series tracks the gross domestic product (GDP) contribution of the oil and gas extraction industry (NAICS code 211) within the state of Virginia. It provides insight into the size and performance of this key economic activity, which has implications for energy policy, investment, and broader state-level economic conditions.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established GDP accounting methods.
Historical Context
Policymakers and analysts use this data to assess the economic importance of the oil and gas industry in Virginia and make informed decisions regarding energy and economic development.
Key Facts
- Virginia's oil and gas extraction GDP was $2.7 billion in 2020.
- The industry accounts for 1.4% of Virginia's total GDP.
- GDP from oil and gas extraction has declined by 16% in Virginia since 2015.
FAQs
Q: What does this economic trend measure?
A: This series measures the gross domestic product (GDP) contribution of the oil and gas extraction industry (NAICS 211) within the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into the economic importance of the energy sector in Virginia, which is crucial for policymaking, investment decisions, and understanding the state's overall economic conditions.
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 GDP accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this data to assess the economic significance of the oil and gas industry in Virginia and make informed decisions regarding energy and economic development policies.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical 3-month delay in release.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Oil and Gas Extraction (211) in Virginia (VAOILGASNGSP), retrieved from FRED.