Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in North Dakota
NDARTENTRECRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
337.00
Year-over-Year Change
115.47%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the arts, entertainment, and recreation sector in North Dakota. It provides insight into the performance and contribution of this key industry 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 Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in North Dakota series tracks the inflation-adjusted output of businesses and organizations in the arts, entertainment, and recreation industry within the state. It serves as an important indicator of economic activity and growth in this service-oriented sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and analysts monitor this trend to assess the health and dynamics of North Dakota's leisure and hospitality industry.
Key Facts
- North Dakota's arts, entertainment, and recreation sector accounts for over 3% of the state's total GDP.
- This industry has experienced steady growth over the past decade, outpacing the overall state economy.
- The COVID-19 pandemic led to a sharp decline in this sector's output in 2020 before a gradual recovery.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the arts, entertainment, and recreation sector in the state of North Dakota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the performance and contribution of North Dakota's leisure and hospitality industry, which is an important component of the state's economic activity.
Q: How is this data collected or calculated?
A: The data is 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 and analysts monitor this trend to assess the health and dynamics of North Dakota's arts, entertainment, and recreation sector, which can inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: There may be delays of several months in the release of this data, and the series may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in North Dakota (NDARTENTRECRGSP), retrieved from FRED.