Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in Alabama
ALMINQQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
72.79
Year-over-Year Change
-25.91%
Date Range
1/1/2005 - 1/1/2025
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. It is a key indicator for analyzing the performance and trends of the energy and extractive industries in Alabama.
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 the real, inflation-adjusted output of the mining, quarrying, and oil and gas extraction industries in Alabama. It provides a standardized measure of production volumes that can be compared over time, allowing economists and policymakers to assess the health and trajectory of these important economic sectors.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula applied to real GDP figures.
Historical Context
This index is widely used to inform economic and energy policy decisions at the state and federal level.
Key Facts
- Alabama is a major producer of coal, natural gas, and crude oil.
- The mining and energy sectors account for a significant portion of Alabama's GDP.
- This index can signal changes in investment, employment, and revenues in Alabama's extractive industries.
FAQs
Q: What does this economic trend measure?
A: This trend 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 index is a key indicator for analyzing the performance and trends of the energy and extractive industries in Alabama, which are important contributors to 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-type index formula applied to real GDP figures.
Q: How is this trend used in economic policy?
A: This index is widely used to inform economic and energy policy decisions at the state and federal level, as it provides insights into the health and trajectory of Alabama's extractive industries.
Q: Are there update delays or limitations?
A: The data is published regularly by the U.S. Federal Reserve and is subject to the same update schedule and limitations as other economic indicators.
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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 (ALMINQQGSP), retrieved from FRED.