Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Pennsylvania
PANATRESMINQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
124.40
Year-over-Year Change
52.23%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Pennsylvania measures the real output of the natural resources and mining industries in the state. This metric is important for economists and policymakers to track productivity and growth in key economic sectors.
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 represents the volume of real gross domestic product (GDP) originating from the natural resources and mining industries in Pennsylvania. It is used to analyze trends in productivity, investment, and the broader economic contribution of these sectors within the state.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using quantity indexes that adjust for price changes.
Historical Context
This economic indicator provides insight into the performance of Pennsylvania's natural resource and mining industries, which play a significant role in the state's economy.
Key Facts
- The index is based on 2012 as the reference year.
- Mining and natural resources account for around 3% of Pennsylvania's GDP.
- The index reached its highest level in 2014.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real output or production volume of the natural resources and mining industries in the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the productivity and economic contribution of Pennsylvania's natural resource and mining sectors, which are important components 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 quantity indexes that adjust for price changes.
Q: How is this trend used in economic policy?
A: This index is used by economists, policymakers, and analysts to monitor the performance of Pennsylvania's natural resource and mining industries and evaluate their impact on the state's overall economic growth and development.
Q: Are there update delays or limitations?
A: The data is updated regularly by the U.S. Federal Reserve, but there may be some delays in the availability of the most recent information.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Pennsylvania (PANATRESMINQGSP), retrieved from FRED.