Real Gross Domestic Product: Petroleum and Coal Products Manufacturing (324) in Alabama
ALPETCOALMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,228.80
Year-over-Year Change
-52.73%
Date Range
1/1/1997 - 1/1/2023
Summary
This series measures the real gross domestic product (GDP) of the petroleum and coal products manufacturing industry in Alabama. It provides insights into the economic activity and productivity of this key industrial sector.
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 Real Gross Domestic Product: Petroleum and Coal Products Manufacturing (324) in Alabama metric tracks the inflation-adjusted value added by this industry to the state's overall economic output. It is a crucial indicator for understanding the health and competitiveness of Alabama's energy-related manufacturing.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP statistics.
Historical Context
This trend is closely monitored by policymakers, industry analysts, and investors to gauge Alabama's energy production capacity and economic diversification.
Key Facts
- Alabama is a major energy-producing state.
- The petroleum and coal products sector accounts for a significant portion of the state's manufacturing output.
- This metric has shown volatility in recent years due to fluctuations in global energy markets.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real (inflation-adjusted) gross domestic product of the petroleum and coal products manufacturing industry in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the health and productivity of a key manufacturing sector in Alabama, which has significant implications for the state's overall economic performance and energy production capacity.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP statistics.
Q: How is this trend used in economic policy?
A: Policymakers, industry analysts, and investors closely monitor this trend to gauge Alabama's energy production capacity and economic diversification, which informs decision-making and investment strategies.
Q: Are there update delays or limitations?
A: There may be some delays in the release of this data, as it is dependent on the publication schedule of the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Petroleum and Coal Products Manufacturing (324) in Alabama (ALPETCOALMANRGSP), retrieved from FRED.