Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Pennsylvania
PAMINNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
15,638.00
Year-over-Year Change
-11.89%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the gross domestic product (GDP) contribution of the mining, quarrying, and oil and gas extraction sector in Pennsylvania. It provides insights into the productivity and importance of this industry within the state'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
The PAMINNQGSP series represents the GDP generated by the mining, quarrying, and oil and gas extraction industry in Pennsylvania. This metric is a key indicator of the economic activity and performance of this crucial sector, which includes activities such as oil and gas extraction, coal mining, and mineral extraction.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP estimates.
Historical Context
This trend is widely used by economists, policymakers, and industry analysts to assess the health and growth of Pennsylvania's energy and natural resource sectors.
Key Facts
- Pennsylvania is a major energy-producing state, ranking 3rd nationally in natural gas production.
- The mining, quarrying, and oil and gas extraction sector accounts for over 3% of Pennsylvania's total GDP.
- GDP in this sector has grown by 20% in the past decade, reflecting the state's increasing energy production.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the mining, quarrying, and oil and gas extraction sector in the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the economic importance and performance of Pennsylvania's energy and natural resource industries, which are crucial to 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 as part of their comprehensive GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is widely used by economists, policymakers, and industry analysts to assess the health and growth of Pennsylvania's energy and natural resource sectors, informing policy decisions and market analysis.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 3 months, so there may be a short delay in accessing the most recent information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Pennsylvania (PAMINNQGSP), retrieved from FRED.