Gross Domestic Product: Natural Resources and Mining (11, 21) in Wisconsin
WINATRESMINNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,366.30
Year-over-Year Change
53.41%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product (GDP) for the Natural Resources and Mining (11, 21) sector in Wisconsin measures the total economic output of this industry within the state. This data provides important insights into Wisconsin's natural resource-based 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 GDP for Natural Resources and Mining (11, 21) in Wisconsin represents the total value of goods and services produced by this industry, which includes activities such as oil and gas extraction, mining, and logging. This economic indicator is used to analyze the relative importance and performance of Wisconsin's natural resource-based industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This GDP data is used by policymakers, economists, and businesses to understand Wisconsin's economic composition and trends in the natural resources and mining sector.
Key Facts
- Wisconsin's GDP for Natural Resources and Mining was $3.7 billion in 2021.
- This sector accounts for 1.2% of Wisconsin's total GDP.
- GDP in this sector has grown by 4.2% annually over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total economic output, or Gross Domestic Product (GDP), of the Natural Resources and Mining (11, 21) sector in the state of Wisconsin.
Q: Why is this trend relevant for users or analysts?
A: This GDP data provides important insights into the performance and relative importance of Wisconsin's natural resource-based industries, which is useful for policymakers, economists, and businesses analyzing the state's economic composition and trends.
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 GDP data for the Natural Resources and Mining sector in Wisconsin is used by policymakers, economists, and businesses to understand the state's economic composition and trends in this industry.
Q: Are there update delays or limitations?
A: The data is updated regularly by the U.S. Bureau of Economic Analysis, but may have a delay of several months between the end of the reporting period and the data release.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Natural Resources and Mining (11, 21) in Wisconsin (WINATRESMINNGSP), retrieved from FRED.