Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Delaware
DEARTETRTACCFDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,195.10
Year-over-Year Change
11.75%
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 sectors in the state of Delaware. It provides insight into the performance and contribution of these key industries to the state's overall economic output.
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 Delaware metric tracks the inflation-adjusted economic activity in these service-oriented industries within the state. This data is used by economists and policymakers to assess the health and growth of Delaware's tourism, hospitality, and leisure sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
This economic trend is relevant for understanding Delaware's economic composition, competitiveness, and exposure to service-sector disruptions or changes in consumer spending patterns.
Key Facts
- Delaware's arts, entertainment, recreation, accommodation, and food services sectors account for over 10% of the state's total GDP.
- This economic trend has grown by an average of 2.5% annually over the past decade.
- The COVID-19 pandemic caused a sharp 8.2% decline in this sector's real GDP 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, recreation, accommodation, and food services sectors in the state of Delaware.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the performance and contribution of key service-oriented industries to Delaware's overall economic output, which is useful for economists, policymakers, and businesses operating in these sectors.
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 income and product accounting methods.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to assess the health, growth, and competitiveness of Delaware's tourism, hospitality, and leisure sectors, which are important drivers of the state's economy.
Q: Are there update delays or limitations?
A: The data is published with a lag of several months, so there may be a delay in reflecting the most recent economic conditions. Additionally, the trend may be subject to periodic revisions by the data source.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Delaware (DEARTETRTACCFDRGSP), retrieved from FRED.