Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Maryland
MDARTENTRECRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,402.80
Year-over-Year Change
50.90%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the arts, entertainment, and recreation industry in the state of Maryland. It is an important indicator of economic activity and productivity in this 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 Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Maryland series tracks the inflation-adjusted value added by the arts, entertainment, and recreation industry to the state's overall economic output. This metric provides insights into the health and performance of this key service sector within Maryland's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Historical Context
Policymakers and industry analysts use this trend to assess the economic contributions and growth prospects of Maryland's arts, entertainment, and recreation sector.
Key Facts
- The arts, entertainment, and recreation sector accounts for over 3% of Maryland's total GDP.
- This industry has experienced steady growth in Maryland, outpacing the national average in recent years.
- The COVID-19 pandemic had a significant negative impact on this sector in Maryland, with activity declining sharply in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) generated by the arts, entertainment, and recreation industry in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the economic performance and contributions of Maryland's arts, entertainment, and recreation sector, which is a key driver of the state's service industry and tourism 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 established national accounting frameworks and methodologies.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this trend to assess the economic contributions and growth prospects of Maryland's arts, entertainment, and recreation sector, which informs policy decisions and economic development strategies.
Q: Are there update delays or limitations?
A: This data is typically published with a lag of several months, and may be subject to periodic revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Maryland (MDARTENTRECRGSP), retrieved from FRED.