Real Gross Domestic Product: Food Services and Drinking Places (722) in Alabama
ALFOODDPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,419.80
Year-over-Year Change
20.36%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the food services and drinking places industry in Alabama. It provides insight into the performance and economic contribution of this sector 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 Real Gross Domestic Product: Food Services and Drinking Places (722) in Alabama series represents the inflation-adjusted value added by the food services and drinking places industry to the state's overall economic output. This metric is used by economists and policymakers to analyze the health and growth of Alabama's hospitality and leisure sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Historical Context
This trend is relevant for understanding the economic and employment dynamics within Alabama's food service and hospitality industry.
Key Facts
- The food services and drinking places industry accounts for approximately 4% of Alabama's total GDP.
- This sector has experienced steady growth in real GDP over the past decade.
- Alabama's food services industry employs over 200,000 workers.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the food services and drinking places industry in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and economic contribution of Alabama's hospitality and leisure sector, which is an important part of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using industry-level GDP figures.
Q: How is this trend used in economic policy?
A: This trend is relevant for understanding the economic and employment dynamics within Alabama's food service and hospitality industry, which can inform policy decisions and economic development strategies.
Q: Are there update delays or limitations?
A: The data is subject to the release schedule and potential revisions by the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food Services and Drinking Places (722) in Alabama (ALFOODDPRGSP), retrieved from FRED.