Real Gross Domestic Product: Administrative and Support Services (561) in Hawaii
HIADMINSUPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,507.00
Year-over-Year Change
5.39%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the administrative and support services industry in Hawaii. It provides insights into the performance and growth of this crucial service sector within 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: Administrative and Support Services (561) in Hawaii series tracks the inflation-adjusted economic output of businesses engaged in administrative and support services, such as office administration, facility support, and employment services. This data is used by economists and policymakers to assess the health and dynamics of Hawaii's service industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is relevant for understanding the broader economic conditions and policy decisions affecting Hawaii's service-based economy.
Key Facts
- Hawaii's administrative and support services industry accounts for over 10% of the state's GDP.
- This sector has experienced steady growth over the past decade, outpacing the overall state economy.
- The COVID-19 pandemic had a significant impact on this industry, leading to a sharp decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the administrative and support services industry in Hawaii, providing insights into the performance and growth of this crucial service sector.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for understanding the broader economic conditions and policy decisions affecting Hawaii's service-based economy, as the administrative and support services industry is a significant contributor to the state's GDP.
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 accounting principles.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to assess the health and dynamics of Hawaii's service industry, which informs economic policy decisions and strategies.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedules and limitations as other economic indicators published by the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Administrative and Support Services (561) in Hawaii (HIADMINSUPRGSP), retrieved from FRED.