Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Virginia
Annual, Not Seasonally Adjusted
VAMINNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,285.50
Year-over-Year Change
3.74%
Date Range
1/1/1997 - 1/1/2024
Summary
The Annual, Not Seasonally Adjusted trend measures the value-added by the mining industry in Minnesota. This metric is a key indicator of economic activity and productivity in the state's natural resource 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
Value-added is a measure of the total value of goods and services produced by an industry, minus the cost of intermediate inputs. The mining industry's value-added is an important economic statistic for understanding regional economic trends and supporting policy decisions.
Methodology
This data is collected by the U.S. Bureau of Economic Analysis through surveys of businesses in the mining sector.
Historical Context
Policymakers and analysts use this metric to assess the health and contributions of Minnesota's mining industry to the broader state economy.
Key Facts
- Mining accounts for over 5% of Minnesota's GDP.
- Value-added in Minnesota mining peaked in 2014 at $5.3 billion.
- The mining industry employs over 12,000 workers in Minnesota.
FAQs
Q: What does this economic trend measure?
A: The Annual, Not Seasonally Adjusted trend measures the total value-added by the mining industry in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the productivity and economic contributions of Minnesota's mining sector, which is an important part of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys of businesses in the mining industry.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the health and contributions of Minnesota's mining industry to the broader state economy, informing policy decisions.
Q: Are there update delays or limitations?
A: This annual, not seasonally adjusted data may have a several-month delay in reporting compared to more frequently updated economic indicators.
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Citation
U.S. Federal Reserve, Annual, Not Seasonally Adjusted (VAMINNGSP), retrieved from FRED.