Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Arizona
AZMINRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,985.60
Year-over-Year Change
-28.06%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the mining, quarrying, and oil and gas extraction sector in Arizona. It provides insights into the performance and contribution of this industry to the state's overall economic activity.
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: Mining, Quarrying, and Oil and Gas Extraction (21) in Arizona series tracks the inflation-adjusted value added by this specific industry to the state's GDP. It is a key indicator for understanding the economic health and trends within Arizona's natural resource extraction and production sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is closely monitored by policymakers, industry analysts, and investors to assess the state's economic conditions and the performance of its natural resource industries.
Key Facts
- Arizona's mining, quarrying, and oil and gas extraction sector accounts for approximately 5% of the state's total GDP.
- This industry has seen volatility in recent years due to fluctuations in global commodity prices.
- The trend provides insights into the economic importance of natural resource extraction activities in Arizona.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the mining, quarrying, and oil and gas extraction sector in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for understanding the economic performance and contribution of Arizona's natural resource extraction industries, which are important drivers of the state's overall economic activity.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, industry analysts, and investors to assess the state's economic conditions and the performance of its natural resource industries, which can inform policy decisions and investment strategies.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates and revisions by the U.S. Bureau of Economic Analysis, which may result in slight delays in the availability of the most current information.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Arizona (AZMINRGSP), retrieved from FRED.