Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Minnesota
Annual, Not Seasonally Adjusted
MNMINNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,185.30
Year-over-Year Change
9.84%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Annual, Not Seasonally Adjusted' series measures the value added in the mining industry, which includes oil and gas extraction, coal mining, and other mineral production. This metric is a key indicator of economic activity and investment in the natural resource 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
The mining industry value added series represents the contribution of mining activities to the overall U.S. gross domestic product (GDP). It is an important gauge of output, investment, and productivity trends in the extractive industries that support energy and materials supply.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic census information.
Historical Context
Mining industry trends are closely watched by policymakers, financial markets, and economic analysts to assess the health of the domestic energy and natural resources sectors.
Key Facts
- Mining accounts for over 1.5% of U.S. GDP.
- Oil and gas extraction is the largest component of the mining industry.
- The mining industry employs over 600,000 workers in the U.S.
FAQs
Q: What does this economic trend measure?
A: The 'Annual, Not Seasonally Adjusted' series measures the value added by the U.S. mining industry, including oil, gas, coal, and other mineral extraction activities.
Q: Why is this trend relevant for users or analysts?
A: The mining industry value added is an important indicator of economic output, investment, and productivity in the energy and natural resources sectors, which are critical to many industries and policymaking.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic census information.
Q: How is this trend used in economic policy?
A: Mining industry trends are closely watched by policymakers, financial markets, and economic analysts to assess the health of the domestic energy and natural resources sectors.
Q: Are there update delays or limitations?
A: The annual mining industry value added data has a delay of several months after the end of the reference year.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (MNMINNGSP), retrieved from FRED.