Chain-Type Quantity Index for Real GDP: Accommodation (721) in Alabama
ALACCOMDQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
115.57
Year-over-Year Change
42.09%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Accommodation (721) in Alabama measures the real output of the accommodation industry in the state. This metric is important for economists and policymakers to assess the health and growth of Alabama's tourism and hospitality sectors.
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 quantity of real output, or real GDP, produced by the accommodation industry in Alabama. It provides a more accurate measure of economic activity than nominal GDP by adjusting for price changes. Analysts use this data to evaluate the performance and contribution of the accommodation sector to the state's overall economic growth.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Historical Context
This metric informs economic policy and investment decisions related to Alabama's tourism and hospitality industries.
Key Facts
- The accommodation industry accounted for 2.1% of Alabama's real GDP in 2021.
- Alabama's accommodation sector has grown at an average annual rate of 3.4% over the past 5 years.
- The COVID-19 pandemic caused a 21.5% decline in Alabama's accommodation real GDP in 2020.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Accommodation (721) in Alabama measures the real output or production of the accommodation industry in the state, adjusted for price changes.
Q: Why is this trend relevant for users or analysts?
A: This metric is important for evaluating the performance and contribution of Alabama's tourism and hospitality sectors to the state's overall economic growth and development.
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 formula.
Q: How is this trend used in economic policy?
A: This measure informs economic policy and investment decisions related to Alabama's tourism and hospitality industries.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 2-3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Accommodation (721) in Alabama (ALACCOMDQGSP), retrieved from FRED.