Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Hawaii
HIMISCPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,943.10
Year-over-Year Change
40.85%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in Hawaii. It provides insights into the economic performance and productivity of this important 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
The Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Hawaii is a key economic indicator that tracks the inflation-adjusted output of a diverse set of professional service industries in the state. It is used to analyze economic growth and structural changes within Hawaii's services-oriented economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP by industry accounts.
Historical Context
This trend is closely monitored by policymakers, analysts, and businesses to understand the state's economic conditions and inform decision-making.
Key Facts
- Hawaii's professional services sector accounts for over 10% of state GDP.
- This industry includes legal, accounting, consulting, and R&D services.
- Real GDP growth in this sector has outpaced overall Hawaii GDP in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the miscellaneous professional, scientific, and technical services industry in the state of Hawaii.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic performance and productivity of an important services sector in Hawaii, which is closely watched by policymakers, businesses, and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP by industry accounts.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, analysts, and businesses to understand Hawaii's economic conditions and inform decision-making around investments, regulations, and economic development strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Hawaii (HIMISCPRORGSP), retrieved from FRED.