Real Gross Domestic Product: Accommodation (721) in Arkansas
ARACCOMDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
797.10
Year-over-Year Change
37.91%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the accommodation industry in Arkansas. It provides insights into the economic performance and growth of this important 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: Accommodation (721) in Arkansas is a key economic indicator that tracks the inflation-adjusted output of the accommodation industry, which includes hotels, motels, and other lodging facilities. This metric is used by policymakers and analysts to assess the health and trajectory of Arkansas's tourism and hospitality sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using established national accounting principles.
Historical Context
This trend is relevant for understanding Arkansas's broader economic conditions and the performance of its service industries.
Key Facts
- Arkansas's accommodation industry accounts for over 3% of the state's total GDP.
- The real GDP of Arkansas's accommodation sector has grown by 12% over the past 5 years.
- Tourism is a major driver of Arkansas's economy, contributing over $7 billion annually.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the accommodation industry in the state of Arkansas.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and economic contribution of Arkansas's tourism and hospitality sectors, which are important components of the state's economy.
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: Policymakers and analysts use this trend to assess the health and trajectory of Arkansas's service industries and to inform decisions related to economic development, tourism promotion, and other policies.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, with a lag of several months. There may be revisions to historical data as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation (721) in Arkansas (ARACCOMDRGSP), retrieved from FRED.