Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in the Great Lakes BEA Region
Annual, Not Seasonally Adjusted
GLAKMINQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
97.40
Year-over-Year Change
31.42%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Annual, Not Seasonally Adjusted' economic trend measures the total gross state product (GSP) for the state of Alaska. This metric is important for economists and policymakers to understand the overall size and performance of Alaska'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
The GSP is the state-level equivalent of the national Gross Domestic Product (GDP), capturing the total value of goods and services produced within a state's borders. This annual, non-seasonally adjusted data provides a comprehensive snapshot of economic activity in Alaska without the fluctuations from seasonal factors.
Methodology
The Bureau of Economic Analysis collects and calculates the GSP data based on surveys and economic census information.
Historical Context
Policymakers and analysts use Alaska's GSP to assess the state's economic growth, competitiveness, and development needs.
Key Facts
- Alaska's GSP was $55.3 billion in 2021.
- The state's economy grew by 2.4% in 2021.
- Oil and gas extraction is a major contributor to Alaska's GSP.
FAQs
Q: What does this economic trend measure?
A: The 'Annual, Not Seasonally Adjusted' trend measures the total gross state product (GSP) for the state of Alaska, capturing the overall size and economic activity within the state.
Q: Why is this trend relevant for users or analysts?
A: Alaska's GSP is an important metric for understanding the state's economic performance, growth, and development needs.
Q: How is this data collected or calculated?
A: The Bureau of Economic Analysis collects and calculates the GSP data based on surveys and economic census information.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use Alaska's GSP to assess the state's economic growth, competitiveness, and development needs.
Q: Are there update delays or limitations?
A: The GSP data is published annually with a delay of several months.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (GLAKMINQGSP), retrieved from FRED.