Gross Domestic Product: Mining (Except Oil and Gas) (212) in Virginia
VAMINEXOILGASNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,261.20
Year-over-Year Change
2.32%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the mining industry, excluding oil and gas, in the state of Virginia. It provides insight into the performance and contribution of this sector to the state's overall economic activity.
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 Gross Domestic Product: Mining (Except Oil and Gas) (212) in Virginia series represents the total economic output generated by the mining industry, excluding oil and gas extraction, within the state. This metric is used by economists and policymakers to analyze the relative importance and trends within Virginia's industrial composition.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their GDP-by-industry accounts.
Historical Context
This economic indicator is relevant for understanding the state's industrial structure and assessing the performance of Virginia's mining sector relative to other industries and the broader state economy.
Key Facts
- Mining (except oil and gas) accounts for approximately 1% of Virginia's GDP.
- The mining sector in Virginia has seen modest growth in recent years.
- This industry employs around 7,000 workers in the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by the mining industry, excluding oil and gas extraction, within the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and contribution of Virginia's mining sector to the state's overall economic activity, which is useful for economists and policymakers analyzing the industrial composition and trends in the state.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their GDP-by-industry accounts.
Q: How is this trend used in economic policy?
A: This economic indicator is relevant for understanding the state's industrial structure and assessing the performance of Virginia's mining sector relative to other industries and the broader state economy, which can inform economic policies and development strategies.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically several months after the end of the reference period, and may be subject to revisions over time.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Mining (Except Oil and Gas) (212) in Virginia (VAMINEXOILGASNGSP), retrieved from FRED.