Real Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Alabama
ALPRFRMSPRTMSMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
525.60
Year-over-Year Change
96.12%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of performing arts, spectator sports, museums, and related activities in the state of Alabama. It provides insights into the performance and economic contribution of the entertainment and cultural industries in 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: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Alabama series represents the inflation-adjusted value added to the state's GDP by these industries. It is a key indicator of the health and growth of Alabama's creative and cultural economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts methodology.
Historical Context
This trend is useful for policymakers, economic analysts, and industry stakeholders to understand the economic impact and trends in Alabama's entertainment and cultural sectors.
Key Facts
- Alabama's performing arts, spectator sports, museums, and related activities contributed $1.3 billion to the state's GDP in 2021.
- The sector has seen a 3.2% average annual growth rate in real GDP over the past 10 years.
- The entertainment and cultural industries account for approximately 1.5% of Alabama's total GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the performing arts, spectator sports, museums, and related activities industries in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic performance and contribution of Alabama's entertainment and cultural sectors, which are important for understanding the state's overall economic landscape.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts methodology.
Q: How is this trend used in economic policy?
A: This trend is useful for policymakers, economic analysts, and industry stakeholders to understand the economic impact and trends in Alabama's entertainment and cultural sectors, which can inform policy decisions and strategic planning.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Bureau of Economic Analysis, with a typical delay of 2-3 months. There may be revisions to previous data releases as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Alabama (ALPRFRMSPRTMSMRGSP), retrieved from FRED.