Gross Domestic Product: Arts, Entertainment, and Recreation (71) in South Dakota
SDARTENTRECNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
582.70
Year-over-Year Change
112.51%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) for the arts, entertainment, and recreation sector in South Dakota. It provides insights into the economic performance and contribution of this industry 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 for arts, entertainment, and recreation in South Dakota represents the total value of goods and services produced by this sector. It is a key indicator of the economic health and importance of the creative industries in the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard national accounting practices.
Historical Context
This trend is relevant for policymakers, businesses, and economic analysts to understand the role of the arts, entertainment, and recreation sector in South Dakota's overall economic landscape.
Key Facts
- South Dakota's arts, entertainment, and recreation GDP was $1.1 billion in 2021.
- This sector accounts for 2.3% of the state's total GDP.
- The arts, entertainment, and recreation industry employs over 20,000 people in South Dakota.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) for the arts, entertainment, and recreation sector in the state of South Dakota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic importance and performance of the creative industries in South Dakota, which is useful for policymakers, businesses, and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard national accounting practices.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and market analysts to understand the role of the arts, entertainment, and recreation sector in South Dakota's overall economic landscape and inform policy decisions.
Q: Are there update delays or limitations?
A: The data is updated regularly by the U.S. Bureau of Economic Analysis, but there may be some delays in the availability of the most recent information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Arts, Entertainment, and Recreation (71) in South Dakota (SDARTENTRECNGSP), retrieved from FRED.