Real Gross Domestic Product: Food Services and Drinking Places (722) in Maryland
MDFOODDPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,093.40
Year-over-Year Change
3.92%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Food Services and Drinking Places (722) in Maryland measures the inflation-adjusted economic output of the food services and drinking places industry in the state. This trend is a key indicator of consumer spending and activity in the hospitality 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
This series tracks the real GDP, or inflation-adjusted economic output, of establishments primarily engaged in preparing meals, snacks, and beverages for immediate consumption, such as restaurants, cafes, and bars in the state of Maryland. It provides insight into the health and performance of the local hospitality industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP estimates.
Historical Context
Policymakers and analysts use this trend to gauge consumer demand and the overall economic climate in Maryland.
Key Facts
- Maryland's food services and drinking places GDP was $8.5 billion in 2021.
- This industry accounts for about 2.5% of Maryland's total economic output.
- The sector saw a 26% decline in 2020 due to the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the food services and drinking places industry in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into consumer spending and activity in Maryland's hospitality sector, which is an important indicator of the overall economic climate in the state.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to gauge consumer demand and make informed decisions about economic policy in Maryland.
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.
Related Trends
Unemployment Rate in Maryland
MDUR
Value of Exports to Netherlands from Maryland
MDNLDA052SCEN
Regional Price Parities: Services: Housing: Nonmetropolitan Portion for Maryland
MDNMPRPPSERVERENT
Accommodation and Food Services Wages and Salaries in Maryland
MDWACC
Real Gross Domestic Product: Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523) in Maryland
MDSECCOMINVRGSP
All Employees: Leisure and Hospitality: Accommodation and Food Services in Maryland
SMS24000007072000001
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food Services and Drinking Places (722) in Maryland (MDFOODDPRGSP), retrieved from FRED.