Gross Domestic Product: Oil and Gas Extraction (211) in Ohio
OHOILGASNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,458.50
Year-over-Year Change
253.60%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Gross Domestic Product: Oil and Gas Extraction (211) in Ohio' measures the economic output of the oil and gas extraction industry in the state of Ohio. This statistic is important for economists and policymakers to understand the role of the energy sector in Ohio's economy.
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 series represents the gross domestic product (GDP) of the oil and gas extraction industry (NAICS code 211) specifically within the state of Ohio. It provides insight into the size and trends of this critical energy industry at the state level, which can inform economic analysis and policy decisions.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
This industry-level GDP metric is used by analysts to gauge the health and contribution of Ohio's oil and gas sector to the broader state economy.
Key Facts
- Ohio is a top-10 oil and natural gas producing state in the U.S.
- The oil and gas extraction industry accounts for over 2% of Ohio's GDP.
- This GDP metric has grown by over 50% in the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the oil and gas extraction industry (NAICS 211) specifically within the state of Ohio.
Q: Why is this trend relevant for users or analysts?
A: This industry-level GDP metric provides important insights into the size, health, and economic contribution of Ohio's oil and gas sector, which is a key part of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: This GDP statistic for Ohio's oil and gas extraction industry is used by economists, analysts, and policymakers to monitor the performance and economic impact of this important energy sector.
Q: Are there update delays or limitations?
A: The data is published quarterly by the Bureau of Economic Analysis, with some lag from the reference period.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Oil and Gas Extraction (211) in Ohio (OHOILGASNGSP), retrieved from FRED.