Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Pennsylvania
PAARTETRTACCFDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
27,848.20
Year-over-Year Change
10.97%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the real gross domestic product (GDP) of the arts, entertainment, recreation, accommodation, and food services sectors in Pennsylvania. It provides insights into the economic performance of these key 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 Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Pennsylvania trend tracks the inflation-adjusted economic output of these industries, which are important contributors to the state's economy. Analysts use this data to assess the health and growth of these service-oriented sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by state estimates.
Historical Context
This economic indicator is relevant for policymakers, businesses, and consumers interested in understanding the broader economic conditions and trends within Pennsylvania.
Key Facts
- Pennsylvania's arts, entertainment, recreation, accommodation, and food services sectors account for over 10% of the state's GDP.
- This trend has shown steady growth in recent years, indicating the resilience of these industries in the state.
- The COVID-19 pandemic had a significant impact on these service-oriented sectors in Pennsylvania.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the arts, entertainment, recreation, accommodation, and food services sectors in Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic performance of key service-oriented industries in Pennsylvania, which are important contributors to 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 as part of their GDP by state estimates.
Q: How is this trend used in economic policy?
A: This economic indicator is relevant for policymakers, businesses, and consumers interested in understanding the broader economic conditions and trends within Pennsylvania.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, but there may be occasional delays due to the complex nature of GDP calculations.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Pennsylvania (PAARTETRTACCFDRGSP), retrieved from FRED.