Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Mississippi
MSARTETRTACCFDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,290.60
Year-over-Year Change
1.73%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the arts, entertainment, recreation, accommodation, and food services industries in Mississippi. It provides insight into the performance and contribution of these key service sectors to the state's overall economic activity.
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: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Mississippi series represents the inflation-adjusted value added by these industries to the state's GDP. It is an important indicator of the health and growth of Mississippi's leisure, hospitality, and tourism-related economic activities.
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 closely monitored by policymakers, analysts, and businesses to gauge the strength of Mississippi's service-oriented economy and to inform economic development strategies.
Key Facts
- Mississippi's arts, entertainment, recreation, accommodation, and food services industries account for over 10% of the state's total GDP.
- This sector experienced a sharp decline during the COVID-19 pandemic but has since shown signs of recovery.
- The performance of this industry group is closely tied to tourism and consumer spending patterns in the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the arts, entertainment, recreation, accommodation, and food services industries in the state of Mississippi.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the health and growth of Mississippi's leisure, hospitality, and tourism-related economic activities, which are important drivers of the state's overall economic performance.
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, analysts, and businesses closely monitor this trend to gauge the strength of Mississippi's service-oriented economy and to inform economic development strategies.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Mississippi (MSARTETRTACCFDRGSP), retrieved from FRED.