Gross Domestic Product: Food Services and Drinking Places (722) in Hawaii
HIFOODDPNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,255.50
Year-over-Year Change
112.72%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Food Services and Drinking Places (722) in Hawaii tracks the economic output of the food service and drinking establishments sector in the state. It provides insights into consumer spending and activity in this important 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
This economic series measures the total inflation-adjusted dollar value of goods and services produced by food service and drinking establishments in Hawaii. It is a key component of the state's overall GDP and can indicate trends in consumer confidence, tourism, and the broader service economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using surveys and economic models.
Historical Context
Policymakers and analysts use this trend to gauge the health of Hawaii's service sector and make informed decisions about economic policy and business investment.
Key Facts
- Hawaii's food service GDP peaked at $4.4 billion in 2019.
- The sector contracted by over 20% in 2020 due to the COVID-19 pandemic.
- Food services account for approximately 4% of Hawaii's total GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total economic output of food services and drinking establishments in the state of Hawaii, which is a key component of the state's overall GDP.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into consumer spending, tourism, and the overall health of Hawaii's service sector, which is crucial for policymakers and businesses to monitor.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using surveys and economic models.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to gauge the performance of Hawaii's service sector and make informed decisions about economic policy and business investment.
Q: Are there update delays or limitations?
A: There may be some delays in data reporting, and the trend may not fully capture the impact of certain economic shocks or events in real-time.
Related Trends
Chain-Type Quantity Index for Real GDP: Educational Services, Health Care, and Social Assistance (61, 62) in Hawaii
HIEDHLTHSOCASSQGSP
All Employees: Professional and Business Services: Administrative and Support and Waste Management and Remediation Services in Hawaii
SMS15000006056000001
Personal Contributions for Social Insurance in Hawaii
HIOSOC
Average Hourly Earnings of Production Employees: Financial Activities in Hawaii
SMU15000005500000008
Production or Nonsupervisory Employees: Retail Trade in Hawaii
SMU15000004200000006SA
Average Hourly Earnings of Production Employees: Leisure and Hospitality: Food Services and Drinking Places in Hawaii
SMU15000007072200008
Citation
U.S. Federal Reserve, Gross Domestic Product: Food Services and Drinking Places (722) in Hawaii (HIFOODDPNGSP), retrieved from FRED.