Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in North Dakota
NDPRFRMSPRTMSMNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
133.50
Year-over-Year Change
196.67%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the performing arts, spectator sports, museums, and related activities sector in North Dakota. It provides insights into the economic performance and contribution of these industries within the state.
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 GDP of the performing arts, spectator sports, museums, and related activities sector in North Dakota represents the total value of goods and services produced by these industries. It is a key indicator of the economic activity and significance of the arts, entertainment, and cultural sectors in the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its GDP by industry accounts.
Historical Context
This trend is used by policymakers, economists, and industry stakeholders to analyze the economic impact and trends within North Dakota's arts, entertainment, and cultural sectors.
Key Facts
- North Dakota's GDP for the performing arts, spectator sports, museums, and related activities sector was $231 million in 2021.
- This sector accounts for approximately 0.7% of North Dakota's total GDP.
- The GDP in this sector has grown by 15% over the past 5 years in North Dakota.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the performing arts, spectator sports, museums, and related activities sector in the state of North Dakota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic performance and contribution of the arts, entertainment, and cultural sectors within North Dakota, which is useful for policymakers, economists, and industry stakeholders.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its GDP by industry accounts.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and industry stakeholders to analyze the economic impact and trends within North Dakota's arts, entertainment, and cultural sectors, which can inform policy decisions and investments.
Q: Are there update delays or limitations?
A: The data is typically updated on an annual basis, with a slight delay compared to the current year.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in North Dakota (NDPRFRMSPRTMSMNGSP), retrieved from FRED.