Real Gross Domestic Product: Accommodation and Food Services (72) in South Carolina
SCACCOMDRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
10,344.90
Year-over-Year Change
5.62%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the real gross domestic product (GDP) of the accommodation and food services industry in South Carolina. It provides insights into the overall performance and growth of this key sector 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: Accommodation and Food Services (72) in South Carolina series tracks the inflation-adjusted output of businesses in the accommodation and food services industry, a major component of the state's service sector. This metric is widely used by economists and policymakers to assess the health and trajectory of this industry.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national income and product account (NIPA) methodologies.
Historical Context
Trends in this series are closely monitored by state and local governments, as well as businesses, to inform economic and policy decisions.
Key Facts
- South Carolina's accommodation and food services industry accounts for over 10% of the state's total GDP.
- The sector has experienced steady growth over the past decade, outpacing the overall state economy.
- Tourism is a major driver of the accommodation and food services industry in South Carolina.
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 South Carolina.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the performance and growth of a key sector of South Carolina's economy, which is heavily influenced by tourism and consumer spending patterns.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national income and product account (NIPA) methodologies.
Q: How is this trend used in economic policy?
A: Trends in this series are closely monitored by state and local governments, as well as businesses, to inform economic and policy decisions related to tourism, consumer spending, and the overall health of South Carolina's service sector.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the Bureau of Economic Analysis, and there may be a lag of several months between the end of a reference period and the publication of the most recent estimates.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in South Carolina (SCACCOMDRQGSP), retrieved from FRED.