Real Gross Domestic Product: Accommodation and Food Services (72) in Minnesota
MNACCFDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,624.00
Year-over-Year Change
9.18%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) for the accommodation and food services industry in Minnesota. It provides insights into the performance and growth of this key service sector 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 Real Gross Domestic Product: Accommodation and Food Services (72) in Minnesota series tracks the inflation-adjusted output of businesses in the accommodation and food services industry, which includes hotels, restaurants, and other hospitality-related activities. This metric is used by economists and policymakers to assess the overall health and dynamics of Minnesota's service economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including surveys and administrative records.
Historical Context
This trend is relevant for understanding consumer spending patterns, tourism activity, and the broader service sector performance in Minnesota's economy.
Key Facts
- Minnesota's accommodation and food services industry accounts for over 10% of the state's GDP.
- This sector experienced a sharp decline in 2020 due to the COVID-19 pandemic.
- Recovery in the accommodation and food services industry has been a key driver of Minnesota's economic rebound.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) for the accommodation and food services industry in Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the performance and growth of a key service sector within Minnesota's economy, which is important for understanding consumer spending, tourism activity, and broader economic conditions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including surveys and administrative records.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the health and dynamics of Minnesota's service sector, which can inform decisions related to economic development, tourism promotion, and other policy initiatives.
Q: Are there update delays or limitations?
A: There may be some delay in the availability of the most recent data, as the Bureau of Economic Analysis compiles and releases the information on a periodic basis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in Minnesota (MNACCFDRGSP), retrieved from FRED.