Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Ohio
OHNATRESMINQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
128.28
Year-over-Year Change
111.89%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Ohio measures the real output of the natural resources and mining sectors in the state. This metric is important for economists and policymakers to assess the health and productivity of Ohio's 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 real GDP generated by the natural resources and mining sectors in Ohio, including oil, gas, coal, and other mineral extraction. It provides a comprehensive measure of the state's extractive industry activity and is a key indicator of economic conditions in these important sectors.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting methods.
Historical Context
Analysts use this index to monitor the performance of Ohio's natural resources and mining industries and their impact on the broader state economy.
Key Facts
- Ohio is a major producer of natural gas, crude oil, and coal.
- The natural resources and mining sector accounts for over 4% of Ohio's GDP.
- This index has shown steady growth in recent years.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of Ohio's natural resources and mining sectors, including oil, gas, coal, and other mineral extraction activities.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for assessing the health and productivity of Ohio's extractive industries, which are a crucial component of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting methods.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this index to monitor the performance of Ohio's natural resources and mining sectors and their impact on the broader state economy.
Q: Are there update delays or limitations?
A: The data is published quarterly 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, Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Ohio (OHNATRESMINQGSP), retrieved from FRED.