Gross Domestic Product: Natural Resources and Mining (11, 21) in Alabama
ALNATRESMINNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,629.50
Year-over-Year Change
41.09%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) contribution of the natural resources and mining industries in Alabama. It provides insight into the state's economic reliance on these sectors.
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: Natural Resources and Mining (11, 21) in Alabama series tracks the output and value-add of industries related to the extraction and processing of natural resources, such as oil, gas, and minerals. This data is used by economists and policymakers to analyze the composition and trends of Alabama's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established GDP accounting methods.
Historical Context
This trend is relevant for understanding Alabama's economic structure and policy priorities around natural resource development and management.
Key Facts
- Alabama's natural resources and mining industries account for over 5% of state GDP.
- The sector has seen steady growth over the past decade.
- Oil and gas extraction make up the largest share of this economic activity.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of Alabama's natural resources and mining industries, including oil, gas, and mineral extraction and processing.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the economic importance and performance of Alabama's natural resource sectors, which is critical for understanding the state's economic composition and development priorities.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this data to assess the role of natural resources in Alabama's economy and inform decisions around economic development, environmental regulations, and resource management.
Q: Are there update delays or limitations?
A: This data is published quarterly with a lag of several months, and may be subject to revisions over time as additional information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Natural Resources and Mining (11, 21) in Alabama (ALNATRESMINNGSP), retrieved from FRED.