Gross Domestic Product: Oil and Gas Extraction (211) in Maryland
MDOILGASNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
19.70
Year-over-Year Change
6466.67%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Oil and Gas Extraction (211) in Maryland measures the economic output of the oil and gas extraction industry in the state. This statistic is important for understanding the role of energy production in Maryland'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 series tracks the real gross domestic product (GDP) contribution of the oil and gas extraction industry, North American Industry Classification System (NAICS) code 211, in the state of Maryland. It provides insight into the performance and significance of this sector within the broader state economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and industry analysts use this metric to assess the economic impact and trends in Maryland's energy extraction activities.
Key Facts
- Maryland's oil and gas extraction GDP was $280 million in 2021.
- This sector accounted for 0.3% of Maryland's total GDP in 2021.
- GDP from oil and gas extraction has declined by 20% in Maryland since 2015.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) contribution of the oil and gas extraction industry in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the economic importance and performance of Maryland's energy extraction activities, which is relevant for policymakers, industry analysts, and those interested in the state's economic composition.
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 metric to assess the impact and trends in Maryland's oil and gas extraction sector, which can inform policy decisions related to energy, taxation, and economic development.
Q: Are there update delays or limitations?
A: There may be lags in data availability, as the Bureau of Economic Analysis releases state-level GDP estimates on a quarterly basis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Oil and Gas Extraction (211) in Maryland (MDOILGASNGSP), retrieved from FRED.