Real Gross Domestic Product: Food Services and Drinking Places (722) in Mississippi
MSFOODDPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,004.00
Year-over-Year Change
15.70%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures real gross domestic product (GDP) for the food services and drinking places industry in Mississippi. It provides insights into the performance and health of the state's hospitality and dining sectors.
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: Food Services and Drinking Places (722) in Mississippi series tracks the inflation-adjusted output of the food services and drinking places industry in the state. It is a key indicator of economic activity and consumer spending within the hospitality and leisure sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
This metric is utilized by economists, policymakers, and industry analysts to assess the broader economic conditions and consumer trends in Mississippi.
Key Facts
- Mississippi's food services and drinking places industry accounts for over 4% of the state's total GDP.
- Real GDP in this sector has grown by 18% in Mississippi over the past decade.
- The COVID-19 pandemic caused a 20% decline in real GDP for food services and drinking places in Mississippi in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) for the food services and drinking places industry in the state of Mississippi.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the performance and health of Mississippi's hospitality and dining sectors, which are important contributors to the state's economy and sensitive indicators of consumer spending and economic conditions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Q: How is this trend used in economic policy?
A: Economists, policymakers, and industry analysts utilize this metric to assess broader economic conditions and consumer trends in Mississippi, which can inform policy decisions and business strategies.
Q: Are there update delays or limitations?
A: There may be lags of several months in the data reporting due to the time required for collection and analysis by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food Services and Drinking Places (722) in Mississippi (MSFOODDPRGSP), retrieved from FRED.