Chain-Type Quantity Index for Real GDP: Mining (Except Oil and Gas) (212) in Minnesota
MNMINEXOILGASQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
151.01
Year-over-Year Change
-30.72%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Mining (Except Oil and Gas) (212) in Minnesota measures the inflation-adjusted output of the mining industry, excluding oil and gas, in the state of Minnesota. This metric is important for economists and policymakers to understand the productivity and growth of this key economic 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 index tracks the volume of mining activity, excluding oil and gas, in Minnesota's economy over time. It is a useful indicator of the performance and contribution of the state's mining industry to overall economic output.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology.
Historical Context
Policymakers and analysts use this metric to monitor the health and competitiveness of Minnesota's mining sector and its impact on the broader state economy.
Key Facts
- The mining industry, excluding oil and gas, accounts for approximately 2% of Minnesota's GDP.
- This index has shown a steady decline since the early 2000s, reflecting broader trends in the state's mining sector.
- Minnesota is a major producer of iron ore, which is a key input for the U.S. steel industry.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Mining (Except Oil and Gas) (212) in Minnesota measures the inflation-adjusted output of the mining industry, excluding oil and gas, in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for economists and policymakers to understand the productivity and growth of this key economic sector in Minnesota.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to monitor the health and competitiveness of Minnesota's mining sector and its impact on the broader state economy.
Q: Are there update delays or limitations?
A: The data is released with the same publication schedule as other regional economic indicators from the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Mining (Except Oil and Gas) (212) in Minnesota (MNMINEXOILGASQGSP), retrieved from FRED.