Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in the Great Lakes BEA Region
Annual, Not Seasonally Adjusted
GLAKMINRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
9,368.20
Year-over-Year Change
31.42%
Date Range
1/1/1997 - 1/1/2024
Summary
The Annual, Not Seasonally Adjusted series measures Alaska's gross state product, which represents the total value of goods and services produced within the state. This metric is important for economists and policymakers to understand Alaska's economic performance and growth.
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
Gross state product (GSP) is the value-added output of an individual U.S. state's economy. The Annual, Not Seasonally Adjusted series provides the unadjusted GSP figures for Alaska, which can be used to analyze long-term economic trends and development in the state.
Methodology
The U.S. Bureau of Economic Analysis (BEA) calculates GSP based on data from a variety of government and private sources.
Historical Context
GSP data is used by government, businesses, and researchers to inform economic policymaking and investment decisions.
Key Facts
- Alaska's GSP was over $60 billion in 2021.
- GSP growth in Alaska averaged 2.4% per year from 2010-2020.
- Oil and gas is a major component of Alaska's economy.
FAQs
Q: What does this economic trend measure?
A: The Annual, Not Seasonally Adjusted series measures the total value of goods and services produced within the state of Alaska, known as the state's gross state product (GSP).
Q: Why is this trend relevant for users or analysts?
A: GSP data is important for understanding Alaska's economic performance and development over time, which can inform business, policy, and investment decisions.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis (BEA) calculates GSP using data from government and private sources.
Q: How is this trend used in economic policy?
A: Policymakers, businesses, and researchers use GSP data to analyze economic growth, make investment decisions, and develop effective economic policies for Alaska.
Q: Are there update delays or limitations?
A: The Annual, Not Seasonally Adjusted GSP data for Alaska is typically published by the BEA with a 1-year lag.
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Citation
U.S. Federal Reserve, Gross State Product of Alaska, Annual, Not Seasonally Adjusted (GLAKMINRGSP), retrieved from FRED.