Real Gross Domestic Product: Oil and Gas Extraction (211) in Utah
UTOILGASRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
645.90
Year-over-Year Change
17.59%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Oil and Gas Extraction (211) in Utah' series measures the inflation-adjusted economic output of the oil and gas extraction industry in the state of Utah. This metric is important for understanding the relative strength and productivity of this critical energy 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 series tracks the real or inflation-adjusted gross domestic product (GDP) originating from the oil and gas extraction industry (NAICS code 211) in the state of Utah. It provides a key indicator of the economic activity and productivity within this energy sector, which is an important component of Utah's overall economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This industry-level GDP data is used by policymakers, economists, and market analysts to assess the performance and outlook for Utah's energy sector.
Key Facts
- Utah accounts for around 2% of total U.S. oil production.
- The oil and gas extraction industry makes up approximately 4% of Utah's GDP.
- Real GDP in Utah's oil and gas sector grew by 8.2% in 2021.
FAQs
Q: What does this economic trend measure?
A: This series measures the real or inflation-adjusted gross domestic product (GDP) originating from the oil and gas extraction industry in the state of Utah.
Q: Why is this trend relevant for users or analysts?
A: This metric provides an important indicator of the economic performance and productivity of Utah's critical energy sector, which is a key component of the state's overall economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: This industry-level GDP data is used by policymakers, economists, and market analysts to assess the performance and outlook for Utah's energy sector.
Q: Are there update delays or limitations?
A: The data is released by the U.S. Bureau of Economic Analysis with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Oil and Gas Extraction (211) in Utah (UTOILGASRGSP), retrieved from FRED.