Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in Maine
MEACCOMDQQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
108.28
Year-over-Year Change
0.92%
Date Range
1/1/2005 - 1/1/2025
Summary
The Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in Maine measures the inflation-adjusted output of the accommodation and food services sector in the state. This metric is important for economists and policymakers to understand consumer demand and business activity.
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 index tracks the real gross domestic product (GDP) for the accommodation and food services industry in Maine, adjusting for price changes over time. It provides a measure of the sector's contribution to the state's overall economic output.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach.
Historical Context
Policymakers and market analysts use this index to gauge the health of Maine's hospitality and tourism industries.
Key Facts
- The index is based on 2012 as the reference year.
- Accommodation and food services account for about 6% of Maine's GDP.
- The index reached a high of 122.16 in Q2 2019 before declining due to the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of the accommodation and food services sector in the state of Maine.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for understanding consumer demand and business activity in Maine's hospitality and tourism industries.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts use this index to gauge the health of Maine's hospitality and tourism sectors, which are important drivers of the state's economy.
Q: Are there update delays or limitations?
A: The index data is published quarterly with a lag, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in Maine (MEACCOMDQQGSP), retrieved from FRED.