Gross Domestic Product: Accommodation and Food Services (72) in Idaho
IDACCOMDNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,610.30
Year-over-Year Change
22.47%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the gross domestic product (GDP) of the accommodation and food services industry in the state of Idaho. It provides insights into the performance and economic contribution 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 accommodation and food services industry encompasses hotels, restaurants, and other hospitality businesses. Tracking the GDP of this sector offers valuable information about consumer spending, tourism, and broader economic conditions in Idaho.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and businesses use this data to understand the economic health and growth potential of Idaho's tourism and hospitality industry.
Key Facts
- Idaho's accommodation and food services GDP was $3.4 billion in 2021.
- This sector accounted for 5.3% of Idaho's total GDP in 2021.
- The GDP of Idaho's accommodation and food services industry grew by 16.4% in 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the accommodation and food services industry in the state of Idaho.
Q: Why is this trend relevant for users or analysts?
A: Tracking the GDP of Idaho's accommodation and food services sector provides insights into consumer spending, tourism, and the overall economic health of this important industry.
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: Policymakers and businesses use this data to understand the economic performance and growth potential of Idaho's tourism and hospitality industry, which is crucial for informed decision-making.
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. Bureau of Economic Analysis, Gross Domestic Product: Accommodation and Food Services (72) in Idaho (IDACCOMDNQGSP), retrieved from FRED.