Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in Arkansas
ARACCFDQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
109.56
Year-over-Year Change
20.77%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in Arkansas measures the real output of the accommodation and food services sector in the state.
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
This index tracks the quantity, or real output, of the accommodation and food services industry in Arkansas, which is an important component of the state's economy. It provides insight into the growth and performance of this sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using chain-type quantity indexes.
Historical Context
Policymakers and analysts use this trend to assess the health and dynamics of Arkansas's service-based economy.
Key Facts
- Arkansas's accommodation and food services sector accounts for over 10% of the state's GDP.
- This index has shown steady growth over the past decade, indicating a robust service economy.
- The COVID-19 pandemic caused a sharp decline in this index in 2020 due to lockdowns and reduced travel.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted output of the accommodation and food services sector in the state of Arkansas.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the performance and health of a key component of Arkansas's service-based economy, which is important for policymakers and businesses.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using chain-type quantity indexes.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the dynamics of Arkansas's service sector and make informed decisions about economic development and stimulus policies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in Arkansas (ARACCFDQGSP), retrieved from FRED.