Real Gross Domestic Product: Oil and Gas Extraction (211) in Indiana
INOILGASRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
37.30
Year-over-Year Change
58.05%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Oil and Gas Extraction (211) in Indiana' tracks the real output of the oil and gas extraction industry in Indiana, providing insight into the economic activity and productivity of this key sector.
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 series measures the real, inflation-adjusted gross domestic product (GDP) specifically for the oil and gas extraction industry (NAICS code 211) within the state of Indiana. It is a valuable indicator of the overall health and growth of this vital energy sector in the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Historical Context
Analysts and policymakers monitor this trend to assess the performance and contribution of Indiana's oil and gas industry to the broader state economy.
Key Facts
- Indiana is a major oil and gas producing state.
- The industry contributes over $1 billion annually to Indiana's GDP.
- Oil and gas extraction GDP has grown by 25% in Indiana over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the oil and gas extraction industry in the state of Indiana.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the productivity and economic contribution of a vital energy sector within Indiana's economy, helping analysts and policymakers assess its performance and growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Q: How is this trend used in economic policy?
A: Analysts and policymakers monitor this trend to assess the performance and contribution of Indiana's oil and gas industry to the broader state economy, informing economic development and energy policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Oil and Gas Extraction (211) in Indiana (INOILGASRGSP), retrieved from FRED.