Real Gross Domestic Product: Private Services-Providing Industries in Hawaii
HIPRISERVPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
65,907.60
Year-over-Year Change
20.32%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of private services-providing industries in Hawaii. It is a key indicator of the overall health and productivity of Hawaii's service sector, which is a major driver of 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: Private Services-Providing Industries in Hawaii represents the inflation-adjusted value added by private services-providing businesses, such as retail, finance, and healthcare, to the state's total economic output. This metric is widely used by economists and policymakers to analyze Hawaii's economic performance and guide investment and policy decisions.
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 government agencies, businesses, and investors to assess the state's economic conditions and make informed decisions.
Key Facts
- Hawaii's service sector accounts for over 80% of the state's GDP.
- The real GDP of Hawaii's private services-providing industries has grown by over 25% since 2010.
- The COVID-19 pandemic had a significant impact on Hawaii's service-based economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) generated by private services-providing industries in Hawaii, such as retail, finance, and healthcare.
Q: Why is this trend relevant for users or analysts?
A: This trend is a key indicator of the overall health and productivity of Hawaii's service sector, which is a major driver of the state's economy. It is closely watched by economists, policymakers, and investors to assess economic conditions and guide decision-making.
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: This trend is used by government agencies, businesses, and investors to monitor the state's economic conditions and make informed decisions about investment, resource allocation, and policy interventions.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis, with a typical lag of 1-2 months. There may be periodic revisions to the historical data as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Services-Providing Industries in Hawaii (HIPRISERVPRORGSP), retrieved from FRED.