Real Gross Domestic Product: Accommodation and Food Services (72) in Montana
MTACCFDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,482.70
Year-over-Year Change
49.57%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the accommodation and food services industry in the state of Montana. It is an important indicator of economic activity and consumer spending in this key 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
The Real Gross Domestic Product: Accommodation and Food Services (72) in Montana series represents the inflation-adjusted total value of goods and services produced by businesses in the accommodation and food services industry within the state. This metric provides insights into the health and performance of a vital component of Montana's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and analysts monitor this trend to assess the strength of consumer demand and make informed decisions about economic policies.
Key Facts
- Montana's accommodation and food services industry accounts for over 10% of the state's total GDP.
- This trend has shown steady growth in recent years, reflecting the state's thriving tourism and hospitality sectors.
- The COVID-19 pandemic caused a significant decline in this metric, highlighting the industry's sensitivity to economic disruptions.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the accommodation and food services industry in the state of Montana.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the strength of consumer demand and economic activity in a key sector of Montana's economy, which is crucial for policymakers and business analysts.
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: Policymakers and analysts monitor this trend to assess the health of the accommodation and food services industry, which is a significant contributor to Montana's overall economic performance and can inform decisions about economic policies.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions and may have a lag of several months before the latest information is available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in Montana (MTACCFDRGSP), retrieved from FRED.