Gross Domestic Product: Food Services and Drinking Places (722) in Arkansas
ARFOODDPNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,592.10
Year-over-Year Change
116.96%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Food Services and Drinking Places (722) in Arkansas measures the economic output of the food service and drinking establishments sector in the state. This metric is important for analyzing consumer spending patterns and the health of the local hospitality industry.
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
This economic series tracks the gross domestic product, or total economic output, generated by food services and drinking places in Arkansas. It provides insights into the performance and contribution of the hospitality sector to the state's overall economic activity.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-specific surveys and economic models.
Historical Context
Policymakers and business leaders use this trend to assess the broader economic conditions and consumer behavior in Arkansas.
Key Facts
- Arkansas' food service and drinking places GDP was $3.2 billion in 2021.
- This sector accounts for approximately 2.5% of the state's total economic output.
- The GDP of this industry in Arkansas has grown by 15% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by the food services and drinking places industry in the state of Arkansas.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and contribution of the hospitality sector to Arkansas' overall economic activity, which is relevant for policymakers, businesses, and consumers.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-specific surveys and economic models.
Q: How is this trend used in economic policy?
A: Policymakers and business leaders use this trend to assess broader economic conditions and consumer spending patterns in Arkansas, which can inform policy decisions and business strategies.
Q: Are there update delays or limitations?
A: There may be a delay of several months between the end of a reporting period and the release of the updated data by the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Food Services and Drinking Places (722) in Arkansas (ARFOODDPNGSP), retrieved from FRED.