Gross Domestic Product: Administrative and Support Services (561) in Hawaii
HIADMINSUPNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,924.80
Year-over-Year Change
37.48%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Administrative and Support Services (561) in Hawaii measures the economic output of this industry sector in the state. This metric is important for understanding Hawaii's service-based economy and the health of its administrative and support services industry.
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 Gross Domestic Product: Administrative and Support Services (561) in Hawaii represents the total value added to the state's economy by businesses providing administrative and support services. This includes activities like office administration, facility support, employment services, and business travel and event planning.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by industry statistics.
Historical Context
This economic indicator is used by policymakers, economists, and businesses to analyze Hawaii's economic trends and the relative performance of its service sectors.
Key Facts
- Hawaii's GDP for administrative and support services was $5.7 billion in 2021.
- This industry accounts for 7.2% of Hawaii's total GDP.
- The sector grew by 3.2% in 2021 after declining in 2020 due to the pandemic.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Administrative and Support Services (561) in Hawaii measures the total economic output of businesses providing administrative and support services within the state.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding the performance and relative importance of Hawaii's service-based economy, particularly the administrative and support services industry.
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 industry statistics.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and businesses use this indicator to analyze Hawaii's economic trends and the relative performance of its service sectors.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag, so there may be a delay in the most recent information being available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Administrative and Support Services (561) in Hawaii (HIADMINSUPNGSP), retrieved from FRED.