Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Minnesota
Annual, Not Seasonally Adjusted
MNMINRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,874.40
Year-over-Year Change
-22.24%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Annual, Not Seasonally Adjusted' series measures the annual change in U.S. real gross state product (GDP) for the mining sector. This trend provides insight into the overall health and performance of the mining industry within the broader 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
The mining gross state product series tracks the total economic output of the mining sector, including activities such as oil and gas extraction, coal mining, and mineral mining. This metric is used by economists and policymakers to analyze the relative strength and contribution of the mining industry to state and national economic growth.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Historical Context
This trend is monitored by government agencies, industry groups, and market analysts to assess the mining sector's impact on overall economic conditions.
Key Facts
- The mining sector accounts for approximately 2% of U.S. GDP.
- Mining GDP growth tends to be more volatile than overall economic growth.
- The COVID-19 pandemic led to a sharp decline in mining GDP in 2020.
FAQs
Q: What does this economic trend measure?
A: The 'Annual, Not Seasonally Adjusted' series tracks the year-over-year change in real gross state product for the U.S. mining industry.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and contribution of the mining sector to overall economic growth, which is important for understanding industry dynamics and making informed policy decisions.
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 modeling.
Q: How is this trend used in economic policy?
A: Government agencies, industry groups, and market analysts monitor this trend to assess the mining sector's impact on overall economic conditions and inform policy decisions related to energy, natural resources, and economic development.
Q: Are there update delays or limitations?
A: The data is released annually with a lag, so there may be a delay in accessing the most recent information. Additionally, the series does not account for seasonal variations in mining output.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (MNMINRGSP), retrieved from FRED.