Real Gross Domestic Product: Oil and Gas Extraction (211) in Maryland
MDOILGASRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
16.00
Year-over-Year Change
15900.00%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real 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 trend is important for understanding the overall health and growth of 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, inflation-adjusted gross domestic product (GDP) specifically for the oil and gas extraction industry (NAICS code 211) in the state of Maryland. It provides insight into the productivity and contribution of this sector to the broader state economy.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis using industry-level GDP accounting methods.
Historical Context
Policymakers and market analysts use this trend to assess the economic performance and outlook for Maryland's energy industry.
Key Facts
- Maryland's oil and gas extraction GDP was $1.9 billion in 2020.
- This industry accounted for 0.8% of Maryland's total economic output in 2020.
- The industry's GDP has grown by 25% over the past decade in Maryland.
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 Maryland.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the productivity and economic contribution of Maryland's oil and gas extraction sector, which is an important part of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis using industry-level GDP accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts use this trend to assess the economic performance and outlook for Maryland's energy industry, which informs policy decisions and investment strategies.
Q: Are there update delays or limitations?
A: The data is published 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: Oil and Gas Extraction (211) in Maryland (MDOILGASRGSP), retrieved from FRED.