Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Montana
MTMINNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,326.60
Year-over-Year Change
-17.29%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the gross domestic product (GDP) generated by the mining, quarrying, and oil and gas extraction industry in Montana. It provides insights into the state's natural resource-based economic activity.
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 MTMINNQGSP series represents the GDP originating from the mining, quarrying, and oil and gas extraction sector in Montana. This data is used by economists and policymakers to analyze the contribution of this industry to the state's overall economic performance.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP estimates.
Historical Context
Trends in this metric are relevant for understanding the economic impact of natural resource industries and informing state-level policy decisions.
Key Facts
- Montana's mining, quarrying, and oil and gas extraction sector accounts for over 10% of the state's GDP.
- This industry saw a significant decline in output during the COVID-19 pandemic.
- The MTMINNQGSP series dates back to 2005.
FAQs
Q: What does this economic trend measure?
A: The MTMINNQGSP series measures the gross domestic product (GDP) generated by the mining, quarrying, and oil and gas extraction industry in the state of Montana.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the economic importance of natural resource-based industries in Montana, which is relevant for understanding the state's overall economic performance and informing 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 as part of their state-level GDP estimates.
Q: How is this trend used in economic policy?
A: Trends in this metric are used by economists and policymakers to analyze the contribution of the mining, quarrying, and oil and gas extraction sector to Montana's economy and inform state-level economic policies.
Q: Are there update delays or limitations?
A: The MTMINNQGSP series is updated regularly by the U.S. Bureau of Economic Analysis, but there may be a lag of several months between the reference period and the release of the data.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Montana (MTMINNQGSP), retrieved from FRED.