Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Minnesota
MNMINNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,386.30
Year-over-Year Change
73.04%
Date Range
1/1/2005 - 1/1/2025
Summary
The Gross Domestic Product (GDP) for the Mining, Quarrying, and Oil and Gas Extraction (21) industry in Minnesota measures the economic output of this sector within the state. It is a key indicator for understanding the performance and contribution of this industry to Minnesota's overall economic growth.
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 GDP series represents the total value added to Minnesota's economy by the Mining, Quarrying, and Oil and Gas Extraction sector. It captures the production and sales of these extractive industries, providing insight into their economic significance and role within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Historical Context
Policymakers and industry analysts use this trend to assess the relative importance and performance of Minnesota's extractive industries compared to other economic sectors.
Key Facts
- Mining, Quarrying, and Oil and Gas Extraction is a significant industry in Minnesota.
- This GDP trend has shown moderate growth over the past decade.
- The extractive industries account for a small but important share of Minnesota's overall economic output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) for the Mining, Quarrying, and Oil and Gas Extraction (21) industry in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the economic performance and contribution of Minnesota's extractive industries, which is important for understanding the state's overall economic growth and development.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this trend to assess the relative importance and performance of Minnesota's extractive industries compared to other economic sectors, which informs policy decisions and economic development strategies.
Q: Are there update delays or limitations?
A: The data is typically published with a few months' delay, and may be subject to revisions as more information becomes available.
Related Trends
All Employees: Manufacturing: Durable Goods: Fabricated Metal Product Manufacturing in Minnesota
SMU27000003133200001
Chain-Type Quantity Index for Real GDP: Agriculture, Forestry, Fishing and Hunting (11) in Minnesota
MNAGRQQGSP
Gross Domestic Product: Computer Systems Design and Related Services (5415) in Minnesota
MNCPUSYSDSGNNGSP
State Tax Collections: T15 Public Utilities Sales Tax for Minnesota
QTAXT15QTAXCAT3MNNO
All Employees: Trade, Transportation, and Utilities in Minnesota
MNTRAD
All Employees: Health Care: Offices of Physicians in Minnesota
SMU27000006562110001A
Citation
U.S. Federal Reserve, Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Minnesota (MNMINNQGSP), retrieved from FRED.