Real Gross Domestic Product: Accommodation and Food Services (72) in Mississippi
MSACCFDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,541.10
Year-over-Year Change
1.87%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures real gross domestic product (GDP) specifically for the accommodation and food services sector in Mississippi. It provides insights into the performance and health of a key 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
Real GDP is a measure of economic output that is adjusted for inflation, allowing for comparison over time. The accommodation and food services sector encompasses hotels, restaurants, and other hospitality-related businesses, making this trend an important indicator of Mississippi's tourism and service industry activity.
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 policymakers, economists, and businesses to assess the economic conditions and growth potential in Mississippi's service and hospitality sectors.
Key Facts
- Mississippi's accommodation and food services sector accounts for over 8% of the state's total GDP.
- Real GDP in this sector grew by 3.2% in 2021, outpacing the overall state GDP growth.
- The COVID-19 pandemic caused a 7.5% decline in real GDP for this sector in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) specifically for the accommodation and food services sector in the state of Mississippi.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and health of a key industry within Mississippi's economy, making it useful for policymakers, businesses, and economists analyzing the state's economic conditions and growth potential.
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 policymakers, economists, and businesses to assess the economic conditions and growth potential in Mississippi's service and hospitality sectors.
Q: Are there update delays or limitations?
A: The data is updated regularly by the U.S. Bureau of Economic Analysis, but may have a lag of several months before the most recent figures are available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in Mississippi (MSACCFDRGSP), retrieved from FRED.