Chain-Type Quantity Index for Real GDP: Mining, Quarrying, and Oil and Gas Extraction (21) in Montana
MTMINQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
102.88
Year-over-Year Change
-22.22%
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 Montana measures the volume of economic output from this key sector in the state.
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 real, inflation-adjusted value of goods and services produced by the mining, quarrying, and oil and gas extraction industry in Montana. It is a crucial indicator for understanding the state's economic performance and growth.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using chained-dollar valuation methods.
Historical Context
This index provides important insights for policymakers and industry analysts monitoring the health of Montana's natural resources and energy sectors.
Key Facts
- The index uses 2012 as the base year.
- Mining and extraction make up over 10% of Montana's GDP.
- The index has shown volatility in recent years.
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 industry in the state of Montana.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides crucial insights into the performance and growth of a key sector of Montana's economy, informing 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 chained-dollar valuation methods.
Q: How is this trend used in economic policy?
A: This index is used by policymakers and industry analysts to monitor the health of Montana's natural resources and energy sectors, informing economic and regulatory decisions.
Q: Are there update delays or limitations?
A: There may be delays in data availability, as the index is updated periodically by the U.S. Bureau of Economic Analysis.
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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 Montana (MTMINQGSP), retrieved from FRED.