Chain-Type Quantity Index for Real GDP: Food Services and Drinking Places (722) in Arkansas
ARFOODDPQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
105.68
Year-over-Year Change
19.41%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Food Services and Drinking Places (722) in Arkansas measures the volume of economic output for this industry sector in the state over time, providing insights into the health and trends of the local hospitality and leisure economy.
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 index tracks the real, inflation-adjusted quantity of goods and services produced by food service and drinking establishments in Arkansas. It is a useful indicator of consumer demand and business activity in the state's hospitality industry.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach to measure real GDP at the state and industry level.
Historical Context
Policymakers and analysts monitor this index to understand economic conditions and consumer spending patterns in Arkansas.
Key Facts
- The index is based on 2012 as the reference year.
- Arkansas's food services and drinking places sector accounted for 2.8% of the state's total real GDP in 2021.
- The index reached a high of 123.36 in 2021, indicating strong growth in the hospitality industry.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted quantity of goods and services produced by food service and drinking establishments in the state of Arkansas.
Q: Why is this trend relevant for users or analysts?
A: This index provides insights into the health and trends of Arkansas's hospitality and leisure economy, which is an important sector for consumer spending and business activity in the state.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach to measure real GDP at the state and industry level.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this index to understand economic conditions and consumer spending patterns in Arkansas, which can inform policy decisions related to the hospitality industry.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with potential delays of several months before the latest figures are released.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Food Services and Drinking Places (722) in Arkansas (ARFOODDPQGSP), retrieved from FRED.