Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Colorado
COARTETRTACCFDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
21,452.80
Year-over-Year Change
52.38%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) for the arts, entertainment, recreation, accommodation, and food services industries in Colorado. It provides insight into the performance and contribution of these key service sectors 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, Recreation, Accommodation, and Food Services (71, 72) in Colorado series tracks the inflation-adjusted economic output of these industries in the state. It is an important indicator of the health and growth of Colorado's tourism, hospitality, and leisure sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established GDP accounting principles.
Historical Context
This trend is widely used by policymakers, industry analysts, and economic forecasters to understand Colorado's economic composition and monitor the performance of these service-oriented industries.
Key Facts
- Colorado's arts, entertainment, and recreation industries account for over 4% of the state's GDP.
- The accommodation and food services sector makes up nearly 3% of Colorado's economic output.
- These service industries have grown faster than the overall state economy in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the arts, entertainment, recreation, accommodation, and food services industries in the state of Colorado.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the performance and economic contribution of Colorado's key service sectors, which are important for understanding the state's overall economic composition and growth.
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 GDP accounting principles.
Q: How is this trend used in economic policy?
A: This trend is widely used by policymakers, industry analysts, and economic forecasters to monitor the health and growth of Colorado's tourism, hospitality, and leisure sectors.
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 reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Colorado (COARTETRTACCFDRGSP), retrieved from FRED.