Real Gross Domestic Product: Health Care and Social Assistance (62) in Hawaii
HIHLTHSOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,320.20
Year-over-Year Change
46.78%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the health care and social assistance sector in Hawaii. It provides insights into the performance and growth 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 GDP for the health care and social assistance sector in Hawaii reflects the total value of goods and services produced by this industry, adjusted for inflation. This metric is used by economists and policymakers to analyze the economic conditions and growth trends in this vital component of Hawaii's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting standards.
Historical Context
This economic trend is relevant for understanding the health of Hawaii's service-based economy and informing policies that support the health care and social assistance industry.
Key Facts
- Hawaii's health care and social assistance sector accounts for over 10% of the state's GDP.
- This industry has experienced steady growth in recent years, outpacing the overall state economy.
- The COVID-19 pandemic had a significant impact on this sector, leading to temporary declines in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the health care and social assistance sector in the state of Hawaii.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and growth of a crucial industry within Hawaii's economy, informing economic analysis and policy decisions.
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 standards.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to understand the health and growth of Hawaii's service-based economy, particularly the health care and social assistance industry.
Q: Are there update delays or limitations?
A: There may be occasional delays in data updates due to the time required for data collection and processing by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Health Care and Social Assistance (62) in Hawaii (HIHLTHSOCASSRGSP), retrieved from FRED.