Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in North Carolina
NCNATRESMINQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
123.55
Year-over-Year Change
77.33%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in North Carolina measures the real output of the natural resources and mining sector in the state's economy. This metric is crucial for understanding the state's economic performance and the role of the extractive industries.
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 the volume of goods and services produced by the natural resources and mining sector in North Carolina, adjusted for inflation. It provides a comprehensive measure of the sector's contribution to the state's real GDP, which is essential for policymakers and analysts assessing the economic health and trends within this key industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using a chain-type quantity index methodology.
Historical Context
This index is widely used by economists, policymakers, and industry analysts to monitor the performance and competitiveness of North Carolina's natural resources and mining sector.
Key Facts
- North Carolina's natural resources and mining sector accounts for approximately 2% of the state's real GDP.
- The index has shown a gradual decline over the past decade, reflecting broader trends in the U.S. extractive industries.
- Fluctuations in this index are closely watched by policymakers and industry leaders for insights into the state's economic diversification and competitiveness.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in North Carolina measures the real output and production volume of the state's natural resources and mining sector.
Q: Why is this trend relevant for users or analysts?
A: This index is crucial for understanding the performance and contribution of North Carolina's natural resources and mining sector to the state's overall economic growth and development.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using a chain-type quantity index methodology.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to monitor the competitiveness and economic importance of North Carolina's natural resources and mining sector, which informs policy decisions and industry support programs.
Q: Are there update delays or limitations?
A: The data is published quarterly by the BEA, with a typical release delay of approximately 2-3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in North Carolina (NCNATRESMINQGSP), retrieved from FRED.