Real Gross Domestic Product: Accommodation and Food Services (72) in Arkansas
ARACCFDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,910.20
Year-over-Year Change
20.77%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the accommodation and food services industry in Arkansas. It provides insights into the performance and contribution of this sector to the state's overall economic activity.
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: Accommodation and Food Services (72) in Arkansas metric tracks the inflation-adjusted output of businesses in the accommodation and food services industry within the state. This data point is used by economists and policymakers to analyze the health and growth of this key service sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Trends in this metric can inform policy decisions and business strategies related to the tourism, hospitality, and food service industries in Arkansas.
Key Facts
- Arkansas's accommodation and food services sector accounts for over 10% of the state's GDP.
- This metric has shown steady growth over the past decade, reflecting the importance of tourism and hospitality to the Arkansas economy.
- The COVID-19 pandemic had a significant negative impact on this industry in Arkansas, leading to a sharp decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the accommodation and food services industry in the state of Arkansas.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the performance and contribution of the hospitality and food service sectors to Arkansas's overall economic activity, which is crucial for policymakers and businesses in the state.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Trends in this metric can inform policy decisions and business strategies related to the tourism, hospitality, and food service industries in Arkansas.
Q: Are there update delays or limitations?
A: The data is typically published with a few months' delay, and may be subject to revisions as more information becomes available.
Related Trends
Gross Domestic Product: Food Services and Drinking Places (722) in Arkansas
ARFOODDPNGSP
Gross Domestic Product: Real Estate (531) in Arkansas
ARREALNGSP
Real Gross Domestic Product: Agriculture, Forestry, Fishing and Hunting (11) in Arkansas
ARAGRRQGSP
Gross Domestic Product: Utilities (22) in Arkansas
ARUTILNQGSP
Exports of Goods: Non-Manufactured Commodities for Arkansas
EXPNONAR
Real Personal Income in Arkansas
AROPER
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in Arkansas (ARACCFDRGSP), retrieved from FRED.