Gross Domestic Product: Petroleum and Coal Products Manufacturing (324) in North Carolina
NCPETCOALMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
260.60
Year-over-Year Change
-32.29%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) for the petroleum and coal products manufacturing industry in North Carolina. It provides insight into the economic performance and productivity of this key manufacturing sector.
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 Gross Domestic Product: Petroleum and Coal Products Manufacturing (324) in North Carolina series represents the total economic output or value-added by this industry within the state. It is a widely used indicator of industrial activity and economic growth in the region.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is relevant for policymakers, analysts, and businesses to understand industry-level economic conditions and guide investment, regulatory, and economic development decisions.
Key Facts
- North Carolina's petroleum and coal products manufacturing GDP was $5.7 billion in 2021.
- This industry accounts for approximately 1.3% of the state's total GDP.
- GDP in this sector has grown by 3.2% annually over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total economic output or value-added by the petroleum and coal products manufacturing industry in the state of North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the performance and productivity of a key manufacturing sector, which is crucial for understanding regional economic conditions and guiding business, policy, and investment decisions.
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 principles.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and businesses can use this trend to analyze industry-level economic conditions, guide investment and regulatory decisions, and inform economic development strategies.
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 complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Petroleum and Coal Products Manufacturing (324) in North Carolina (NCPETCOALMANNGSP), retrieved from FRED.