Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Connecticut
CTARTETRTACCFDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
9,896.50
Year-over-Year Change
7.68%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures real gross domestic product (GDP) for the arts, entertainment, recreation, accommodation, and food services industries in Connecticut. It provides insight into the performance and contribution of these key service sectors to the state's overall economic activity.
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 Connecticut series tracks the inflation-adjusted output of these industries, which are important components of the state's service-based economy. This metric is used by policymakers and analysts to assess the health and growth dynamics of Connecticut's tourism, hospitality, and leisure sectors.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
Trends in this series are closely monitored by state and local governments, as well as businesses in the affected industries, to inform economic development and fiscal policies.
Key Facts
- Connecticut's arts, entertainment, recreation, accommodation, and food services industries account for over 10% of the state's GDP.
- Real GDP in these sectors grew by 3.2% in 2021 as the state's economy recovered from the COVID-19 pandemic.
- The accommodation and food services subsector makes up the largest share of this economic trend at around 60% of the total.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the arts, entertainment, recreation, accommodation, and food services industries in the state of Connecticut.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the performance and contribution of Connecticut's key service sectors, which are vital to the state's economy and heavily influenced by factors like tourism, consumer spending, and economic conditions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Q: How is this trend used in economic policy?
A: Trends in this series are closely monitored by state and local governments, as well as businesses in the affected industries, to inform economic development and fiscal policies.
Q: Are there update delays or limitations?
A: The data is typically published on a quarterly basis, with some potential for minor delays due to the complexity of data collection and aggregation.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Connecticut (CTARTETRTACCFDRGSP), retrieved from FRED.