Chain-Type Quantity Index for Real GDP: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Maine
MEPRFRMSPRTMSMQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
176.02
Year-over-Year Change
91.67%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the chain-type quantity index for real GDP in the performing arts, spectator sports, museums, and related activities sector in Maine. It provides insights into the performance and growth of this important service industry within the state's economy.
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 chain-type quantity index for real GDP tracks the inflation-adjusted output of the performing arts, spectator sports, museums, and related activities sector in Maine. This data is useful for analyzing economic trends and the contribution of this industry to the overall state GDP.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and industry analysts use this trend to understand the dynamics of Maine's cultural and recreational sectors and their impact on the state's economic performance.
Key Facts
- The performing arts, spectator sports, museums, and related activities sector accounts for approximately 2% of Maine's total GDP.
- This industry has experienced steady growth in Maine over the past decade, outpacing the overall state economy.
- Maine's vibrant cultural and recreational activities are a significant draw for tourists, contributing to the state's economic diversification.
FAQs
Q: What does this economic trend measure?
A: This trend measures the chain-type quantity index for real GDP in 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 provides insights into the performance and growth of an important service industry within Maine's economy, which is useful for economic analysis and policymaking.
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: Policymakers and industry analysts use this trend to understand the dynamics of Maine's cultural and recreational sectors and their impact on the state's overall economic performance.
Q: Are there update delays or limitations?
A: The data is subject to the same update schedule and potential limitations as other Bureau of Economic Analysis economic indicators.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Maine (MEPRFRMSPRTMSMQGSP), retrieved from FRED.