Chain-Type Quantity Index for Real GDP: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in South Dakota
SDARTETRTACCFDQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
109.81
Year-over-Year Change
39.72%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP measures the real output of the arts, entertainment, recreation, accommodation, and food services sectors in South Dakota. This trend provides valuable insights into the performance and growth of these key industries within the state's economy.
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
This index tracks the real, inflation-adjusted gross domestic product (GDP) for the combined arts, entertainment, recreation, accommodation, and food services sectors in South Dakota. It is a useful indicator of activity and productivity in these service-oriented industries, which are major contributors to the state's economic landscape.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index method.
Historical Context
Policymakers and economists monitor this trend to assess the health and trajectory of South Dakota's service sector, which is crucial for understanding the broader state economy.
Key Facts
- The index uses 2012 as the base year.
- South Dakota's service sector accounts for over 60% of the state's GDP.
- This trend has shown steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) for the combined arts, entertainment, recreation, accommodation, and food services sectors in South Dakota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and growth of these key service-oriented industries within South Dakota's economy, which are major contributors to the state's overall economic landscape.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index method.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this trend to assess the health and trajectory of South Dakota's service sector, which is crucial for understanding the broader state economy.
Q: Are there update delays or limitations?
A: The data is released on a regular schedule by the U.S. Bureau of Economic Analysis, with some potential for minor delays in availability.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in South Dakota (SDARTETRTACCFDQGSP), retrieved from FRED.