Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Alabama
ALARTETRTACCFDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
11,575.00
Year-over-Year Change
114.87%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the contribution of the arts, entertainment, recreation, accommodation, and food services industries to Alabama's gross domestic product. It provides insight into the performance and significance of this sector 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
The Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Alabama metric tracks the economic activity and value-added output of these related industries in the state. It is an important indicator for understanding the state's service-oriented economic composition and the relative importance of tourism, hospitality, and leisure-related activities.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Historical Context
This trend is widely used by policymakers, economists, and industry analysts to assess the health and growth potential of Alabama's service-oriented industries.
Key Facts
- Alabama's arts, entertainment, and recreation industries account for over 3% of the state's GDP.
- The accommodation and food services sector makes up another 4% of Alabama's economic output.
- This trend has shown steady growth in recent years, outpacing the state's overall GDP expansion.
FAQs
Q: What does this economic trend measure?
A: This trend measures the contribution of Alabama's arts, entertainment, recreation, accommodation, and food services industries to the state's gross domestic product.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the performance and significance of Alabama's service-oriented industries, which are important drivers of the state's economy and tourism activity.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is widely used by policymakers, economists, and industry analysts to assess the health and growth potential of Alabama's service-oriented industries.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates and revisions by the Bureau of Economic Analysis, which may result in lags or changes to previously reported figures.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Alabama (ALARTETRTACCFDNGSP), retrieved from FRED.