Real Gross Domestic Product: Oil and Gas Extraction (211) in Washington
WAOILGASRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4.40
Year-over-Year Change
4300.00%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Oil and Gas Extraction (211) in Washington' metric measures the inflation-adjusted economic output of the oil and gas extraction industry in the state of Washington. This trend is crucial for understanding the relative performance and contribution of this key energy sector to the state's overall economic growth.
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 real, or inflation-adjusted, value added by the oil and gas extraction industry (NAICS code 211) to Washington's gross domestic product. It provides insight into the productivity and output trends of this important component of the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Historical Context
Policymakers and industry analysts monitor this metric to gauge the health and economic impact of Washington's oil and gas extraction activities.
Key Facts
- Washington's oil and gas extraction industry contributed $1.7 billion to the state's GDP in 2021.
- Real GDP from oil and gas extraction has grown by 20% in Washington over the past decade.
- The industry accounts for 1.2% of the state's total economic output.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real, inflation-adjusted gross domestic product (GDP) generated by the oil and gas extraction industry in the state of Washington.
Q: Why is this trend relevant for users or analysts?
A: This data is important for understanding the productivity and economic impact of Washington's oil and gas extraction sector, which is a key component of the state's energy and industrial landscape.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts monitor this metric to gauge the health and economic impact of Washington's oil and gas extraction activities, which can inform energy, tax, and economic development policies.
Q: Are there update delays or limitations?
A: This data is published quarterly by the U.S. Bureau of Economic Analysis, with a lag of several months. There may be revisions to prior-period figures as more complete data becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Oil and Gas Extraction (211) in Washington (WAOILGASRGSP), retrieved from FRED.