Gross Domestic Product: Accommodation and Food Services (72) in Arkansas
ARACCFDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,859.50
Year-over-Year Change
113.87%
Date Range
1/1/1997 - 1/1/2024
Summary
This series measures the gross domestic product (GDP) of the accommodation and food services sector in Arkansas. It provides insight into the economic performance and trends within this key industry.
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 Accommodation and Food Services GDP series tracks the value-added output of hotels, restaurants, and other hospitality businesses in Arkansas. It is an important indicator of consumer spending and the overall health of the state's service economy.
Methodology
This data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Historical Context
Policymakers and businesses monitor this metric to understand consumer behavior and make informed decisions about investment, employment, and other economic strategies.
Key Facts
- Arkansas' accommodation and food services GDP in 2021 was $4.3 billion.
- This sector accounts for approximately 4% of Arkansas' total gross domestic product.
- The GDP of this industry in Arkansas has grown by 12% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This series measures the gross domestic product (GDP) generated by the accommodation and food services sector in the state of Arkansas.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into consumer spending patterns and the overall health of Arkansas' service economy, which is crucial information for policymakers, businesses, and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and businesses monitor this metric to understand consumer behavior and make informed decisions about investment, employment, and other economic strategies.
Q: Are there update delays or limitations?
A: This data is published on a quarterly basis by the U.S. Bureau of Economic Analysis, with potential delays of several months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation and Food Services (72) in Arkansas (ARACCFDNGSP), retrieved from FRED.