Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Illinois
ILARTETRTACCFDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
50,721.10
Year-over-Year Change
94.51%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the total output of the arts, entertainment, recreation, accommodation, and food services sectors in Illinois. It provides insight into the performance and contribution of these key industries to 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 Gross Domestic Product (GDP) for the arts, entertainment, recreation, accommodation, and food services sectors in Illinois represents the total value of goods and services produced by these industries. It is a crucial indicator for understanding the economic health and dynamics of these service-oriented sectors in the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Historical Context
This trend is widely used by policymakers, economists, and industry analysts to assess the economic conditions and growth patterns of Illinois's service-based industries.
Key Facts
- Illinois's arts, entertainment, recreation, accommodation, and food services sectors account for over 8% of the state's total GDP.
- This trend has shown steady growth over the past decade, reflecting the importance of these industries to Illinois's economic landscape.
- The COVID-19 pandemic had a significant impact on these sectors, leading to a sharp decline in 2020 before a gradual recovery in 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total output or Gross Domestic Product (GDP) of the arts, entertainment, recreation, accommodation, and food services sectors in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the economic performance and contribution of these service-oriented industries, which are crucial to Illinois's overall 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 using established national accounting frameworks.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and industry analysts use this trend to assess the economic conditions and growth patterns of Illinois's service-based industries, which inform economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data for this trend is typically published with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Illinois (ILARTETRTACCFDNGSP), retrieved from FRED.