Real Gross Domestic Product: Accommodation and Food Services (72) in Hawaii
HIACCOMDRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,443.90
Year-over-Year Change
15.58%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the real gross domestic product (GDP) of the accommodation and food services industry in Hawaii. It provides insights into the performance and growth of a key sector of the local 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: Accommodation and Food Services (72) in Hawaii series tracks the inflation-adjusted output of businesses in the accommodation and food services industry within the state. This metric is used by economists and policymakers to analyze the economic health and productivity of this important component of Hawaii's service-based economy.
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 indicator can inform policy decisions and business strategies related to tourism, consumer spending, and overall economic conditions in Hawaii.
Key Facts
- Hawaii's accommodation and food services industry accounts for a significant portion of the state's GDP.
- This trend experienced a sharp decline during the COVID-19 pandemic due to travel restrictions and business closures.
- Monitoring this metric can provide insights into the recovery and resiliency of Hawaii's tourism-dependent economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the accommodation and food services industry in the state of Hawaii.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the performance and growth of a key sector of Hawaii's service-based economy, which is heavily influenced by tourism and consumer spending.
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 indicator can inform policy decisions and business strategies related to tourism, consumer spending, and overall economic conditions in Hawaii.
Q: Are there update delays or limitations?
A: There may be occasional delays in data reporting due to the complexity of calculating state-level GDP, but the series is generally updated on a regular quarterly basis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in Hawaii (HIACCOMDRQGSP), retrieved from FRED.