Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Alabama
ALMINNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,384.20
Year-over-Year Change
-17.88%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Alabama' trend measures the economic output of the mining and energy extraction sector in the state of Alabama. This metric is important for economists and policymakers to understand the role of natural resource industries in 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
This economic series represents the contribution of the mining, quarrying, and oil and gas extraction industries to Alabama's overall gross domestic product. It provides insight into the performance and significance of the state's natural resource extraction activities within the broader economic landscape.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on industry surveys and economic modeling.
Historical Context
This trend is used by policymakers, analysts, and businesses to assess the economic and employment impacts of the mining and energy sectors in Alabama.
Key Facts
- Alabama is a major producer of coal, natural gas, and petroleum.
- The mining and energy extraction sector accounts for over 5% of Alabama's GDP.
- Employment in Alabama's mining and quarrying industries has declined in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the mining, quarrying, and oil and gas extraction industries in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the economic importance and performance of Alabama's natural resource extraction activities, which is relevant for policymakers, businesses, and researchers analyzing the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on industry surveys and economic modeling.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, analysts, and businesses to assess the economic and employment impacts of the mining and energy sectors in Alabama, informing policy decisions and business strategies.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates and revisions by the Bureau of Economic Analysis, and may have a delay of several months between the reference period and the release of the latest figures.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Alabama (ALMINNGSP), retrieved from FRED.