Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Hawaii
HIARTENTRECRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,177.40
Year-over-Year Change
36.92%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) for the arts, entertainment, and recreation sector in Hawaii. It provides valuable insights into the performance and significance of this key industry 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: Arts, Entertainment, and Recreation (71) in Hawaii series tracks the inflation-adjusted economic output of the arts, entertainment, and recreation industry in the state. This metric is used by economists and policymakers to assess the health and contribution of this sector to Hawaii's overall economic activity.
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 closely monitored by state and local officials to inform economic development strategies and policy decisions related to the tourism and hospitality industries in Hawaii.
Key Facts
- Hawaii's arts, entertainment, and recreation sector accounts for over 4% of the state's total GDP.
- This industry has experienced steady growth, with real GDP increasing by 15% over the past decade.
- The COVID-19 pandemic had a significant impact on this sector, leading to a 20% decline in real GDP in 2020.
FAQs
Q: What does this economic trend measure?
A: The Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Hawaii series measures the inflation-adjusted economic output of the arts, entertainment, and recreation industry in the state of Hawaii.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and significance of the arts, entertainment, and recreation sector within Hawaii's economy, which is a key driver of the state's tourism-based economy.
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: State and local officials in Hawaii closely monitor this trend to inform economic development strategies and policy decisions related to the tourism and hospitality industries.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, with a lag of several months. There may be limitations in accurately capturing the economic impact of certain events or changes in the industry.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Hawaii (HIARTENTRECRGSP), retrieved from FRED.