Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Arkansas
ARARTENTRECRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
899.00
Year-over-Year Change
70.78%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the arts, entertainment, and recreation industry in Arkansas. It provides insights into the performance and contributions of this sector to 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: Arts, Entertainment, and Recreation (71) in Arkansas is a key economic indicator that tracks the inflation-adjusted output of the arts, entertainment, and recreation industry within the state. This metric is used by economists and policymakers to assess the health and growth of this important service sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is relevant for understanding the role of the arts, entertainment, and recreation industry in Arkansas' overall economic landscape and for informing policy decisions.
Key Facts
- The arts, entertainment, and recreation industry accounts for 3.2% of Arkansas' total GDP.
- This sector has grown by 7.5% over the past 5 years in Arkansas.
- The COVID-19 pandemic significantly impacted this industry, with a 12% decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the arts, entertainment, and recreation industry in the state of Arkansas.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and contribution of the arts, entertainment, and recreation sector to Arkansas' overall economic activity, which is valuable information for policymakers, businesses, and researchers.
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 national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to assess the health and growth of the arts, entertainment, and recreation industry in Arkansas, which can inform policy decisions related to economic development, tourism, and cultural investments.
Q: Are there update delays or limitations?
A: The data is published with a lag of several months, so there may be delays in accessing the most recent information. Additionally, the trend may be subject to revisions as more complete data becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Arkansas (ARARTENTRECRGSP), retrieved from FRED.