Real Gross Domestic Product: Food Services and Drinking Places (722) in Louisiana
LAFOODDPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,235.30
Year-over-Year Change
-3.11%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) for the food services and drinking places industry in Louisiana. It provides insights into the performance and productivity of this important 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 Louisiana series tracks the inflation-adjusted output of the food services and drinking places industry in the state. This metric is used by economists and policymakers to analyze the overall health and growth of Louisiana's hospitality sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
This trend is relevant for understanding the state of Louisiana's economy, particularly the performance of its hospitality and tourism industries.
Key Facts
- Louisiana's food services and drinking places industry accounts for over 4% of the state's GDP.
- This sector has seen strong growth in recent years, outpacing the overall state economy.
- The COVID-19 pandemic had a significant negative impact on Louisiana's food services industry.
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 Louisiana.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the performance and productivity of Louisiana's hospitality sector, which is an important part of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the overall health and growth of Louisiana's hospitality and tourism industries, which can inform economic development strategies.
Q: Are there update delays or limitations?
A: There may be occasional delays in data updates due to the time required for collection and analysis by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food Services and Drinking Places (722) in Louisiana (LAFOODDPRGSP), retrieved from FRED.