Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in Arizona
AZMINQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
91.12
Year-over-Year Change
-28.06%
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 Arizona measures the volume of economic output in this sector across the state.
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 provides a gauge of the real, inflation-adjusted production in Arizona's mining, quarrying, and oil and gas extraction industries. It is a useful indicator for analyzing the state's economic performance and assessing the relative importance of this sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis based on production volumes and pricing information.
Historical Context
This index informs policy decisions and market analysis related to the energy, minerals, and natural resources sectors in Arizona.
Key Facts
- This index has a base year of 2012.
- Mining, quarrying, and oil/gas account for over 10% of Arizona'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 volume of economic output in Arizona's mining, quarrying, and oil and gas extraction sectors.
Q: Why is this trend relevant for users or analysts?
A: This index provides insight into a key component of Arizona's economy and helps inform policy decisions and market analysis related to energy, minerals, and natural resources.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis based on production volumes and pricing information.
Q: How is this trend used in economic policy?
A: This index informs policy decisions and market analysis related to the energy, minerals, and natural resources sectors in Arizona.
Q: Are there update delays or limitations?
A: The data is published on a regular schedule by the U.S. Bureau of Economic Analysis, with typical update lags 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 Arizona (AZMINQGSP), retrieved from FRED.