Gross Domestic Product: Food Services and Drinking Places (722) in Idaho
IDFOODDPNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,146.20
Year-over-Year Change
213.77%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Gross Domestic Product: Food Services and Drinking Places (722) in Idaho' metric measures the economic output of the food services and drinking places industry in the state of Idaho.
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
This series tracks the gross domestic product (GDP) generated by the food services and drinking places industry, which includes restaurants, cafes, bars, and other food and beverage establishments in Idaho. It provides insights into the performance and contribution of this key sector to the state's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
This metric is useful for analyzing the health and trends of Idaho's food service industry and its impact on the broader state economy.
Key Facts
- Idaho's food services and drinking places industry accounted for $2.7 billion in GDP in 2021.
- The food services sector has been a consistent contributor to Idaho's economic growth.
- The COVID-19 pandemic had a significant impact on the state's food services industry.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by the food services and drinking places industry in the state of Idaho.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the performance and contribution of the food services industry to Idaho's overall economic activity, which is crucial for understanding the state's economic landscape.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and industry analysts to assess the health and growth of Idaho's food services sector and its impact on the state's economy.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates by the Bureau of Economic Analysis, and there may be some time lag between the reporting period and the availability of the latest figures.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Food Services and Drinking Places (722) in Idaho (IDFOODDPNGSP), retrieved from FRED.