Chain-Type Quantity Index for Real GDP: Oil and Gas Extraction (211) in Ohio
OHOILGASQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
143.24
Year-over-Year Change
607.17%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Oil and Gas Extraction (211) in Ohio measures the inflation-adjusted output of the oil and gas extraction industry in the state. This metric is important for understanding economic growth and productivity in a key energy-producing 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
This index tracks changes in the real, inflation-adjusted value of goods and services produced by the oil and gas extraction industry in Ohio. It is a useful indicator of the industry's contribution to the state's overall economic activity and productivity.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Historical Context
Policymakers and analysts monitor this metric to assess the health and economic impact of Ohio's vital oil and gas extraction sector.
Key Facts
- Ohio is a major oil and gas producing state.
- This index tracks real output, adjusting for inflation.
- The data is published quarterly by the U.S. Bureau of Economic Analysis.
FAQs
Q: What does this economic trend measure?
A: This index measures the inflation-adjusted, real output of the oil and gas extraction industry in the state of Ohio.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the economic performance and productivity of a key energy sector in Ohio.
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 quantity index formula.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this index to assess the health and economic impact of Ohio's oil and gas extraction industry.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis with typical update lags.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Oil and Gas Extraction (211) in Ohio (OHOILGASQGSP), retrieved from FRED.