Real Gross Domestic Product: Petroleum and Coal Products Manufacturing (324) in Illinois
ILPETCOALMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,221.90
Year-over-Year Change
-34.91%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) for the petroleum and coal products manufacturing industry in Illinois. It is a key indicator of the state's energy and manufacturing sector performance.
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: Petroleum and Coal Products Manufacturing (324) in Illinois series tracks the inflation-adjusted total output of this important manufacturing subsector within the state's economy. It provides insights into the production, investment, and competitiveness of Illinois' energy and chemicals industries.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Historical Context
This metric is closely watched by policymakers, investors, and economic analysts to gauge the health and outlook of Illinois' energy and manufacturing base.
Key Facts
- Illinois is a major energy and chemicals production hub.
- The petroleum and coal products sector accounts for over 10% of the state's total manufacturing GDP.
- This industry has seen steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the real, inflation-adjusted gross domestic product (GDP) for the petroleum and coal products manufacturing industry in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides important insights into the performance and competitiveness of a key segment of Illinois' manufacturing and energy economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Q: How is this trend used in economic policy?
A: Policymakers, investors, and analysts closely monitor this metric to gauge the health and outlook of Illinois' energy and manufacturing sectors.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Petroleum and Coal Products Manufacturing (324) in Illinois (ILPETCOALMANRGSP), retrieved from FRED.