Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Arizona
AZNATRESMINQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
95.92
Year-over-Year Change
-6.79%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Arizona measures the real output of the natural resources and mining sector in the state. This metric is important for economists and policymakers to understand the health and trends within a key component of Arizona's economy.
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) production of goods and services in the natural resources and mining industries in Arizona. It provides insight into the productivity and performance of a vital sector that includes activities such as oil, gas, and mineral extraction.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index methodology.
Historical Context
This economic indicator is used by analysts and policymakers to assess the state of Arizona's natural resources and mining industry and its broader economic implications.
Key Facts
- Arizona's natural resources and mining sector accounts for over 10% of the state's GDP.
- This index has increased by 8% over the past 5 years, indicating growth in the industry.
- Mining and extraction activities are a major employer in many rural Arizona communities.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of the natural resources and mining sector in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insight into the productivity and performance of a vital component of Arizona's economy, helping analysts and policymakers assess the health of the state's natural resources and mining industry.
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 quantity index methodology.
Q: How is this trend used in economic policy?
A: This economic indicator is used by analysts and policymakers to assess the state of Arizona's natural resources and mining industry and its broader economic implications.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 2 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Arizona (AZNATRESMINQGSP), retrieved from FRED.