Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Virginia
VAMINRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,377.10
Year-over-Year Change
-24.02%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) generated by the mining, quarrying, and oil and gas extraction sector in Virginia. It provides insight into the productivity and growth of this key 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 Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Virginia series tracks the inflation-adjusted economic output of this industry, which includes activities such as oil and gas extraction, coal mining, and mineral mining. Economists and policymakers use this data to analyze the health and contribution of this sector to the overall state economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
This economic indicator helps inform policy decisions and investment strategies related to energy, natural resources, and economic diversification in Virginia.
Key Facts
- Virginia's mining, quarrying, and oil/gas extraction sector accounts for approximately 3% of the state's total GDP.
- This industry experienced a 5.2% decline in real GDP during the COVID-19 pandemic in 2020.
- Natural gas production is a major component of this sector's economic activity in Virginia.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) generated by the mining, quarrying, and oil and gas extraction sector in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the productivity and growth of a key industry within Virginia's economy, which can inform policy decisions and investment strategies related to energy, natural resources, and economic diversification.
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 income and product accounting methods.
Q: How is this trend used in economic policy?
A: This indicator helps inform policy decisions and investment strategies related to energy, natural resources, and economic diversification in Virginia.
Q: Are there update delays or limitations?
A: There may be some delays in data availability, as the information is compiled and published by government statistical agencies.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Virginia (VAMINRGSP), retrieved from FRED.