Gross Domestic Product: Mining (Except Oil and Gas) (212) in West Virginia
WVMINEXOILGASNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,327.00
Year-over-Year Change
11.35%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) contribution of the mining industry (excluding oil and gas) in the state of West Virginia. It is an important indicator for understanding regional economic activity and diversification.
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 Gross Domestic Product: Mining (Except Oil and Gas) (212) in West Virginia trend provides a measure of the economic output and significance of the mining sector, excluding oil and gas, within the state's overall economic landscape. This data is used by economists, policymakers, and regional analysts to assess the relative importance and performance of this industry.
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 relevant for understanding the role of the mining industry in West Virginia's economy and can inform policy decisions and business strategies.
Key Facts
- West Virginia's mining sector (excluding oil and gas) contributed $3.2 billion to the state's GDP in 2021.
- The mining industry (except oil and gas) accounted for 5.4% of West Virginia's total GDP in 2021.
- This trend has shown volatility, with the mining GDP declining by 14.5% between 2019 and 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the mining industry, excluding oil and gas, in the state of West Virginia.
Q: Why is this trend relevant for users or analysts?
A: This trend is important for understanding the economic significance and performance of the mining sector in West Virginia, which can inform policy decisions and business strategies.
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 can be used by policymakers and regional analysts to assess the role of the mining industry in West Virginia's economy and inform decisions related to economic development, workforce planning, and industry regulations.
Q: Are there update delays or limitations?
A: The data is published with a lag, and there may be revisions to previous estimates as more information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Mining (Except Oil and Gas) (212) in West Virginia (WVMINEXOILGASNGSP), retrieved from FRED.