Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Maine
MEPRFRMSPRTMSMNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
545.30
Year-over-Year Change
156.73%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the gross domestic product (GDP) of the performing arts, spectator sports, museums, and related activities sector in Maine. It is an important indicator of economic activity and cultural vitality in the state.
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 GDP of the performing arts, spectator sports, museums, and related activities sector in Maine captures the value added by these industries to the state's overall economic output. This metric is useful for understanding the health and contribution of Maine's cultural and entertainment sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using various surveys and economic models.
Historical Context
Policymakers and businesses use this trend to inform decisions about investments, regulations, and resource allocation in Maine's arts, sports, and tourism industries.
Key Facts
- Maine's performing arts, sports, and museum sector accounted for 1.2% of the state's GDP in 2021.
- GDP in this sector grew by 8.5% in Maine between 2020 and 2021.
- The COVID-19 pandemic significantly impacted this industry, with GDP declining 22.1% in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the performing arts, spectator sports, museums, and related activities sector in the state of Maine.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for understanding the economic importance and performance of Maine's arts, entertainment, and cultural industries, which are key contributors to the state's overall economic activity and vitality.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using various surveys and economic models.
Q: How is this trend used in economic policy?
A: Policymakers and businesses use this trend to inform decisions about investments, regulations, and resource allocation in Maine's arts, sports, and tourism industries.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates and revisions by the U.S. Bureau of Economic Analysis, and may have a lag time of several months before the latest figures are available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Maine (MEPRFRMSPRTMSMNGSP), retrieved from FRED.