Real Gross Domestic Product: Accommodation and Food Services (72) in Arizona
AZACCFDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
13,971.60
Year-over-Year Change
23.27%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Accommodation and Food Services (72) in Arizona measures the inflation-adjusted economic output of the accommodation and food services sector in the state. This metric is a key indicator of the health and growth of the Arizona tourism and hospitality industries.
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 series represents the value-added output of the accommodation and food services sector in Arizona, adjusted for inflation. It is used by economists and policymakers to assess the performance and trends in a major component of the state's service-oriented economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income accounting methods.
Historical Context
Trends in this metric can inform decisions around economic development, workforce, and tourism policies in Arizona.
Key Facts
- Arizona's accommodation and food services sector accounts for over 10% of the state's GDP.
- This metric has grown by an average of 3% annually over the past decade.
- The COVID-19 pandemic caused a significant decline in this measure in 2020.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real, inflation-adjusted gross domestic product (GDP) of the accommodation and food services sector in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and growth of a major component of Arizona's service-based economy, which is crucial for understanding the state's overall economic health and development.
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 income accounting methods.
Q: How is this trend used in economic policy?
A: Trends in this metric can inform decisions around economic development, workforce, and tourism policies in Arizona, as the accommodation and food services sector is a key driver of the state's economy.
Q: Are there update delays or limitations?
A: This data is typically published with a 1-2 quarter delay, 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: Accommodation and Food Services (72) in Arizona (AZACCFDRGSP), retrieved from FRED.