Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in Alabama
ALMINQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
76.12
Year-over-Year Change
-31.13%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in Alabama measures the volume of economic activity in this sector within the state. This metric is crucial for policymakers and analysts to gauge the health and trends of Alabama's energy and extractive industries.
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 tracks changes in the real, inflation-adjusted output of the mining, quarrying, and oil and gas extraction industries in Alabama. It provides a quantitative assessment of the sector's economic contribution and can signal shifts in energy production, commodity prices, and business investment.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach to measure real GDP.
Historical Context
This index informs economic forecasting, energy policy, and investment decisions related to Alabama's natural resource sectors.
Key Facts
- The index is based on 2012 as the reference year.
- Mining, quarrying, and oil/gas account for over 10% of Alabama's GDP.
- The index experienced a sharp decline during the 2008-2009 recession.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output 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 metric is crucial for policymakers and analysts to gauge the health and trends of Alabama's energy and extractive industries, which are a significant part of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach to measure real GDP.
Q: How is this trend used in economic policy?
A: This index informs economic forecasting, energy policy, and investment decisions related to Alabama's natural resource sectors.
Q: Are there update delays or limitations?
A: The index data is published quarterly with a lag of several months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in Alabama (ALMINQGSP), retrieved from FRED.