Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in South Dakota
SDACCOMDQQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
103.03
Year-over-Year Change
-3.79%
Date Range
1/1/2005 - 1/1/2025
Summary
The Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in South Dakota measures the real output of the accommodation and food services industry in the state. This indicator provides insights into the economic performance and consumer demand in this critical sector.
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 Chain-Type Quantity Index for Real GDP tracks the volume of goods and services produced, adjusted for price changes, within a specific industry and geographic area. This metric allows economists to analyze trends in economic activity and productivity for the accommodation and food services sector in South Dakota.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach.
Historical Context
This economic indicator is used by policymakers, analysts, and businesses to monitor the health and growth of the tourism and hospitality industry in South Dakota.
Key Facts
- The index is based on 2012 as the reference year.
- South Dakota's accommodation and food services sector accounts for about 5% of the state's total GDP.
- The index has shown steady growth over the past decade, reflecting the importance of tourism to the state's economy.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in South Dakota measures the real output, or volume of goods and services produced, in the state's accommodation and food services industry.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into the economic performance and consumer demand in South Dakota's crucial tourism and hospitality sector, which is an important driver 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 a chain-weighted approach to track real output.
Q: How is this trend used in economic policy?
A: Policymakers, analysts, and businesses use this indicator to monitor the health and growth of the accommodation and food services industry in South Dakota, which informs decisions related to economic development, tourism promotion, and industry regulation.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in South Dakota (SDACCOMDQQGSP), retrieved from FRED.