Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Montana
MTMINRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,554.30
Year-over-Year Change
-19.39%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the real gross domestic product (GDP) for the mining, quarrying, and oil and gas extraction sector in Montana. It provides important insights into the economic activity and productivity of this key industry 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
The Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Montana series tracks the inflation-adjusted output of this critical sector, which includes activities like oil and gas extraction, coal mining, and mineral mining. This metric is used by economists and policymakers to analyze the health and growth of Montana's natural resource-based economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting methodologies.
Historical Context
This economic indicator is relevant for understanding Montana's overall economic performance and informing policy decisions related to the state's natural resource industries.
Key Facts
- Montana's mining, quarrying, and oil and gas extraction sector accounts for over 10% of the state's GDP.
- Real GDP in this sector grew by 8.2% in 2021 after declining in 2020 due to the COVID-19 pandemic.
- Crude oil and natural gas production are major contributors to this industry's economic output in Montana.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the mining, quarrying, and oil and gas extraction sector in the state of Montana.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the productivity and economic activity of a critical industry in Montana, which can inform policy decisions and investment strategies.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting methodologies.
Q: How is this trend used in economic policy?
A: This indicator is relevant for understanding Montana's overall economic performance and informing policy decisions related to the state's natural resource industries.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Bureau of Economic Analysis, Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Montana (MTMINRQGSP), retrieved from FRED.