Real Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Arkansas
ARPRFRMSPRTMSMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
414.50
Year-over-Year Change
105.91%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the performing arts, spectator sports, museums, and related activities industry in Arkansas. It is a key indicator of the economic performance and productivity of this 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: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Arkansas metric tracks the inflation-adjusted output of this industry group, which includes a wide range of entertainment, cultural, and recreational activities. It is used by economists and policymakers to assess the health and growth of this important service-based industry within the Arkansas economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its GDP by industry accounts.
Historical Context
This economic trend provides insight into consumer demand and spending patterns related to arts, culture, and leisure activities in Arkansas, which can inform policy decisions and business strategies.
Key Facts
- The performing arts, spectator sports, museums, and related activities industry accounts for approximately 1.5% of Arkansas's total GDP.
- Real GDP in this sector has grown by an average of 2.8% annually over the past 10 years in Arkansas.
- The COVID-19 pandemic had a significant negative impact on this industry, with real GDP declining by over 15% in 2020.
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 industry in the state of Arkansas.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the economic performance and productivity of an important service-based industry within the Arkansas economy, which can inform business strategies and policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its GDP by industry accounts.
Q: How is this trend used in economic policy?
A: This trend can be used by economists and policymakers to assess the health and growth of the arts, culture, and leisure industry in Arkansas, which can inform policy decisions and strategies related to consumer spending, tourism, and economic development.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more complete 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 Arkansas (ARPRFRMSPRTMSMRGSP), retrieved from FRED.