Gross Domestic Product: Accommodation and Food Services (72) in Pennsylvania
PAACCFDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
27,819.10
Year-over-Year Change
94.50%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the Gross Domestic Product (GDP) for the Accommodation and Food Services industry (NAICS code 72) in the state of Pennsylvania. It provides insights into the performance and contribution of this sector 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 Accommodation and Food Services GDP trend represents the total value of goods and services produced by businesses in Pennsylvania's hotels, restaurants, and other food and lodging establishments. This metric is used by economists and policymakers to analyze the strength and resilience of the state's tourism and hospitality industry.
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 relevant for understanding the health of Pennsylvania's consumer-facing service industries and can inform policy decisions related to economic development, taxation, and tourism promotion.
Key Facts
- Pennsylvania's Accommodation and Food Services GDP was $25.4 billion in 2021.
- This sector accounted for 3.3% of Pennsylvania's total GDP in 2021.
- The Accommodation and Food Services GDP in Pennsylvania has grown by 12.3% since 2016.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) of the Accommodation and Food Services industry in the state of Pennsylvania. It provides insights into the economic output and performance of this sector.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for understanding the health and contribution of Pennsylvania's tourism and hospitality industries, which are important drivers of the state's economy.
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 can inform policy decisions related to economic development, taxation, and tourism promotion in Pennsylvania.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical delay of 3 months from the end of the reference period.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Accommodation and Food Services (72) in Pennsylvania (PAACCFDNGSP), retrieved from FRED.