Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Minnesota
MNARTETRTACCFDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
17,848.50
Year-over-Year Change
98.12%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) of the arts, entertainment, recreation, accommodation, and food services sectors in Minnesota. It provides insight into the performance and contribution of these key industries to 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 Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Minnesota trend is a valuable indicator for economists and policymakers to assess the health and growth of these service-oriented industries within the state. It helps identify economic trends and inform decision-making related to these sectors.
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 widely used by government agencies, businesses, and researchers to analyze the economic conditions and dynamics of Minnesota's leisure and hospitality industries.
Key Facts
- Minnesota's arts, entertainment, recreation, accommodation, and food services sectors account for over 10% of the state's GDP.
- These industries employed more than 400,000 Minnesotans as of 2021.
- The GDP of these sectors in Minnesota has grown by an average of 3% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the arts, entertainment, recreation, accommodation, and food services industries in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and contribution of these key service-oriented sectors to Minnesota's overall economic activity, helping inform decision-making and policy discussions.
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 widely used by government agencies, businesses, and researchers to analyze the economic conditions and dynamics of Minnesota's leisure and hospitality industries, informing policy decisions and strategic planning.
Q: Are there update delays or limitations?
A: The data is published on a quarterly basis, with a typical delay of 2-3 months from the end of the reporting period.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Minnesota (MNARTETRTACCFDNGSP), retrieved from FRED.