Real Gross Domestic Product: Accommodation and Food Services (72) in Maine
MEACCFDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,108.30
Year-over-Year Change
40.80%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the real gross domestic product (GDP) of the accommodation and food services industry in Maine. It provides insights into the economic performance and productivity of this important 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 GDP for the accommodation and food services industry in Maine is a key indicator of the overall economic health and activity in this sector. It tracks the volume of goods and services produced, adjusting for inflation to provide a more accurate picture of real economic output.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is closely watched by policymakers, businesses, and economists to understand consumer spending patterns and the broader economic climate.
Key Facts
- Maine's accommodation and food services industry accounts for over 10% of the state's GDP.
- This sector has seen steady growth in recent years, reflecting the state's thriving tourism industry.
- The COVID-19 pandemic had a significant impact on this industry, leading to a sharp decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the accommodation and food services industry in the state of Maine.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic performance and productivity of an important sector in Maine, which is closely tied to the state's tourism industry and consumer spending patterns.
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 principles.
Q: How is this trend used in economic policy?
A: This trend is closely watched by policymakers, businesses, and economists to understand consumer spending patterns and the broader economic climate in Maine.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, with some potential for delays due to the comprehensive nature of the national accounts data.
Related Trends
All Employees: Manufacturing in Maine
MEMFGN
All Employees: Government: State Government Educational Services in Maine
SMU23000009092161101
Per Capita Personal Consumption Expenditures: Services for Maine
MEPCEPCSRV
Average Weekly Earnings of All Employees: Private Service Providing in Maine
SMU23000000800000011
Insured Unemployment Rate in Maine
MEINSUREDUR
All Employees: Utilities in Maine
SMU23000004322000001A
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in Maine (MEACCFDRGSP), retrieved from FRED.