Real Gross Domestic Product: Food Services and Drinking Places (722) in Arkansas
ARFOODDPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,148.80
Year-over-Year Change
19.40%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Food Services and Drinking Places (722) in Arkansas measures the inflation-adjusted economic output of the food services and drinking places industry in the state. It is a key indicator of consumer spending and the health of the local hospitality sector.
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 series represents the chained-dollar, seasonally adjusted value added by the food services and drinking places industry in Arkansas. It is a subset of the state's overall real GDP and provides insight into the performance of a crucial component of the service economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by state estimates.
Historical Context
Policymakers and economists use this metric to assess the strength of consumer demand and the broader business climate in Arkansas.
Key Facts
- The food services and drinking places industry accounts for around 3% of Arkansas's total real GDP.
- This metric has shown steady growth since the end of the Great Recession, reflecting the rebound in consumer activity.
- Arkansas's food services GDP outperformed the national average during the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: The Real Gross Domestic Product: Food Services and Drinking Places (722) in Arkansas measures the inflation-adjusted economic output of the food services and drinking places industry in the state.
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's hospitality sector, which is an important part of the state's economy.
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 their GDP by state estimates.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess the strength of consumer demand and the broader business climate in Arkansas, which can inform decision-making and policy development.
Q: Are there update delays or limitations?
A: There may be a lag of several months between the end of a reporting period and the release of the latest data for this metric.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food Services and Drinking Places (722) in Arkansas (ARFOODDPRGSP), retrieved from FRED.