Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Tennessee
TNARTENTRECRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
9,654.50
Year-over-Year Change
74.15%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Tennessee measures the economic output of the arts, entertainment, and recreation sector in the state. This trend is important for policymakers and analysts to understand the health and contribution of this key industry to the overall state 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 series represents the real (inflation-adjusted) value added by the arts, entertainment, and recreation industry in Tennessee. It is a component of the state's total real GDP and can provide insights into the performance and significance of this sector within the broader state economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level economic accounts.
Historical Context
Tracking this economic trend can inform policy decisions and business strategies related to supporting and developing Tennessee's arts, entertainment, and recreation industries.
Key Facts
- Tennessee's arts, entertainment, and recreation sector accounted for 3.2% of the state's total real GDP in 2021.
- This industry experienced a 10.5% decline in real output during the COVID-19 pandemic in 2020.
- The arts, entertainment, and recreation sector has grown at an average annual rate of 2.9% in Tennessee over the past 10 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the arts, entertainment, and recreation industry in the state of Tennessee.
Q: Why is this trend relevant for users or analysts?
A: Tracking the performance of Tennessee's arts, entertainment, and recreation sector provides insights into a key component of the state's economy and can inform policy, investment, and business decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level economic accounts and GDP estimation methods.
Q: How is this trend used in economic policy?
A: Policymakers and economic development agencies can use this trend to assess the contribution of the arts, entertainment, and recreation industry to Tennessee's overall economic growth and to inform decisions about supporting and investing in this sector.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to periodic revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Tennessee (TNARTENTRECRGSP), retrieved from FRED.