Gross Domestic Product: Oil and Gas Extraction (211) in Arizona
AZOILGASNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
27.20
Year-over-Year Change
128.57%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Oil and Gas Extraction (211) in Arizona trend measures the economic output of the oil and gas extraction industry in the state. This metric is important for understanding the role of the energy sector in 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 economic indicator represents the total value added by the oil and gas extraction industry to Arizona's overall GDP. It provides insight into the scale and significance of this industry within the state's economic landscape.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and market analysts use this trend to assess the performance and contribution of Arizona's energy sector.
Key Facts
- Arizona's oil and gas extraction GDP was $3.1 billion in 2020.
- The industry accounts for approximately 2% of Arizona's total GDP.
- GDP from oil and gas extraction has declined by 15% in Arizona since 2015.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total economic output or value added by the oil and gas extraction industry in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the importance and performance of Arizona's energy sector, which is relevant for policymakers, economists, and market participants.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the contribution of the oil and gas industry to Arizona's overall economic activity and make informed decisions related to the state's energy policies.
Q: Are there update delays or limitations?
A: The data is subject to the release schedule and potential revisions by the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Oil and Gas Extraction (211) in Arizona (AZOILGASNGSP), retrieved from FRED.