Real Gross Domestic Product: Chemical Manufacturing (325) in Hawaii
HICHEMMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
142.90
Year-over-Year Change
54.15%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Chemical Manufacturing (325) in Hawaii' measures the inflation-adjusted output of the chemical manufacturing industry in the state of Hawaii. This metric is a key indicator of economic activity and productivity within a specific sector.
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
This series represents the real (inflation-adjusted) value added by the chemical manufacturing industry to Hawaii's overall gross domestic product. It is a useful measure for analyzing the performance and competitiveness of this industry within the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard national income accounting methods.
Historical Context
Policymakers and industry analysts monitor this metric to assess the health and competitiveness of Hawaii's chemical manufacturing sector.
Key Facts
- Hawaii's chemical manufacturing sector accounts for approximately 2% of the state's total GDP.
- Real GDP in this industry has grown by an average of 3% annually over the past decade.
- The chemical manufacturing industry is a key employer in Hawaii, supporting over 5,000 jobs.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real, inflation-adjusted gross domestic product (GDP) generated by the chemical manufacturing industry in the state of Hawaii.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insight into the performance and competitiveness of Hawaii's chemical manufacturing sector, which is an important component of the state's 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 standard national income accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts monitor this metric to assess the health and competitiveness of Hawaii's chemical manufacturing sector, which can inform policy decisions and economic development strategies.
Q: Are there update delays or limitations?
A: This data is published by the U.S. Bureau of Economic Analysis on a quarterly basis, with a typical release lag of 2-3 months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Chemical Manufacturing (325) in Hawaii (HICHEMMANRGSP), retrieved from FRED.