Real Gross Domestic Product: Accommodation and Food Services (72) in Montana
MTACCOMDRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,462.90
Year-over-Year Change
6.73%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic indicator measures the real (inflation-adjusted) gross domestic product (GDP) of the accommodation and food services sector in Montana. It provides insights into the state's tourism and hospitality industry performance.
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 metric represents the inflation-adjusted value added by this industry to the state's overall economic output. It is a key indicator of the health and growth of Montana's tourism, travel, and foodservice sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established GDP accounting principles.
Historical Context
This trend is closely monitored by policymakers, businesses, and economists to assess the strength of Montana's service-based economy.
Key Facts
- Montana's accommodation and food services sector accounts for over 10% of the state's total GDP.
- This industry has seen steady growth over the past decade, reflecting Montana's rising popularity as a tourist destination.
- The COVID-19 pandemic caused a sharp decline in this metric in 2020 due to travel restrictions and business closures.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real (inflation-adjusted) gross domestic product (GDP) contribution of Montana's accommodation and food services sector.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides valuable insights into the performance and growth of Montana's tourism and hospitality industry, which is a key driver of the state's economy.
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 GDP accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers, businesses, and economists closely monitor this trend to assess the strength of Montana's service-based economy and make informed decisions.
Q: Are there update delays or limitations?
A: The data is subject to regular updates by the source agency, with some potential for minor revisions over time.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in Montana (MTACCOMDRQGSP), retrieved from FRED.