Chain-Type Quantity Index for Real GDP: Oil and Gas Extraction (211) in North Carolina
NCOILGASQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
69.21
Year-over-Year Change
8.89%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Oil and Gas Extraction (211) in North Carolina measures the volume of economic output from the oil and gas extraction industry in the state, adjusted for inflation.
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 provides a gauge of the real (inflation-adjusted) value-added by the oil and gas extraction sector to North Carolina's gross domestic product. It is a key indicator for understanding the state's energy production trends and their contribution to overall economic activity.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula to track real changes in the sector's output.
Historical Context
Policymakers and industry analysts use this index to assess the role of the oil and gas extraction industry in North Carolina's economy.
Key Facts
- North Carolina's oil and gas extraction industry accounts for over 3% of the state's GDP.
- The index has grown by an average of 2.5% annually over the past decade.
- This trend provides insight into the capital investment and job creation in North Carolina's energy sector.
FAQs
Q: What does this economic trend measure?
A: This index measures the real (inflation-adjusted) volume of economic output from the oil and gas extraction industry in North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This index is a key indicator for understanding the role of the energy sector in North Carolina's economy and its contribution to overall economic activity in the state.
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 formula to track real changes in the sector's output.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this index to assess the importance of the oil and gas extraction industry in North Carolina's economy and inform policy decisions.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical release lag of 2-3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Oil and Gas Extraction (211) in North Carolina (NCOILGASQGSP), retrieved from FRED.