Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in Mississippi
MSMINQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
103.47
Year-over-Year Change
-23.09%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in Mississippi measures the real output of this sector in the state. It is an important indicator for economists and policymakers to assess the health and productivity of this key industry.
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 changes in the volume of real GDP produced by the mining, quarrying, and oil and gas extraction sector in Mississippi. It provides a quantitative measure of the sector's economic contribution and can be used to analyze growth trends, productivity, and the impact of policies or market conditions.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index methodology.
Historical Context
This trend is closely monitored by policymakers and industry analysts to gauge the performance and outlook of Mississippi's energy and natural resource sectors.
Key Facts
- The index has a base year of 2012.
- Mining, quarrying, and oil/gas extraction account for over 12% of Mississippi's GDP.
- The sector employs over 20,000 workers in the state.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of the mining, quarrying, and oil and gas extraction sector in the state of Mississippi.
Q: Why is this trend relevant for users or analysts?
A: This trend provides an important indicator of productivity and growth in a key industry for Mississippi's economy, which can inform economic and policy decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index methodology.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts closely monitor this trend to gauge the performance and outlook of Mississippi's energy and natural resource sectors, which are critical for the state's economy.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in observing the most recent trends.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in Mississippi (MSMINQGSP), retrieved from FRED.