Real Gross Domestic Product: Accommodation and Food Services (72) in Arkansas
ARACCOMDRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,849.70
Year-over-Year Change
0.03%
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 Arkansas. It provides insights into the performance and health of this key sector of 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 Arkansas is an economic indicator that tracks the inflation-adjusted output of businesses in the accommodation and food services industry within the state. This metric is used by economists and policymakers to gauge the overall strength and productivity of this important component of Arkansas's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of economic surveys and administrative records.
Historical Context
This trend is relevant for understanding consumer spending patterns, tourism activity, and the broader service sector conditions in Arkansas.
Key Facts
- Arkansas's accommodation and food services industry accounts for 4.2% of the state's total GDP.
- Real GDP in this sector grew by 2.9% in 2021 compared to the prior year.
- The COVID-19 pandemic caused a 15.7% decline in this metric in 2020.
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 Arkansas.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the performance and health of a key service sector within Arkansas's economy, which is relevant for understanding consumer spending patterns, tourism activity, and broader economic conditions in the state.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of economic surveys and administrative records.
Q: How is this trend used in economic policy?
A: This trend is used by economists, policymakers, and market analysts to assess the conditions and outlook for Arkansas's service sector, which can inform decisions around economic development, tourism promotion, and other policies.
Q: Are there update delays or limitations?
A: There may be a lag of several months between the end of a given period and the release of the latest data for this trend.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in Arkansas (ARACCOMDRQGSP), retrieved from FRED.