Real Gross Domestic Product: Food Services and Drinking Places (722) in Iowa
IAFOODDPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,865.40
Year-over-Year Change
7.66%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of food services and drinking places in the state of Iowa. It provides insights into the performance and growth of this key sector 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: Food Services and Drinking Places (722) in Iowa measures the inflation-adjusted value added by the food services and drinking places industry within the state's overall economic output. This trend is used by economists and policymakers to analyze the health and dynamics of Iowa's service sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
This trend is relevant for understanding Iowa's economic performance and the role of the hospitality industry in the state's overall economic activity.
Key Facts
- Iowa's food services and drinking places industry accounts for over 2% of the state's total GDP.
- This sector has experienced steady growth in recent years, outpacing the overall state economy.
- The COVID-19 pandemic had a significant impact on this industry, leading to a sharp decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the food services and drinking places industry in the state of Iowa.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and growth of Iowa's hospitality sector, which is a significant contributor to the state's overall economic activity.
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 income and product accounting methods.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the health and dynamics of Iowa's service sector, which can inform economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food Services and Drinking Places (722) in Iowa (IAFOODDPRGSP), retrieved from FRED.