Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Virginia
VANATRESMINQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
112.68
Year-over-Year Change
14.66%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Virginia measures the volume of economic output from the natural resources and mining industries in the state. This metric is crucial for understanding Virginia's economic performance and resource-based 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 tracks changes in the real, inflation-adjusted value of natural resources and mining production in Virginia. It provides insight into the health and productivity of these industries, which are important contributors to the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula to measure real GDP by industry.
Historical Context
This trend helps inform policymakers and analysts about the role of natural resources and mining in Virginia's economy.
Key Facts
- Virginia's natural resources and mining sector accounts for over 3% of the state's GDP.
- The index has grown by an average of 2.5% annually over the past decade.
- Mining of fossil fuels and metals makes up the largest share of this economic activity.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted volume of economic output from the natural resources and mining industries in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the health and productivity of Virginia's resource-based industries, which are crucial contributors to the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula to measure real GDP by industry.
Q: How is this trend used in economic policy?
A: This trend helps inform policymakers and analysts about the role of natural resources and mining in Virginia's economy, which can inform economic development strategies and industry regulations.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis with a typical 2-month delay.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Natural Resources and Mining (11, 21) in Virginia (VANATRESMINQGSP), retrieved from FRED.