Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Arizona
AZARTETRTACCFDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
25,999.30
Year-over-Year Change
112.98%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product (GDP) trend for the arts, entertainment, recreation, accommodation, and food services sectors in Arizona measures the economic output and activity in these key 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 economic indicator provides insight into the performance and growth of Arizona's tourism, hospitality, and leisure-related industries, which are major contributors to the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using proprietary economic modeling and estimation techniques.
Historical Context
Policymakers and analysts use this data to evaluate the health and trajectory of Arizona's service-based economy.
Key Facts
- Arizona's arts, entertainment, recreation, accommodation, and food services sectors account for over 10% of the state's total GDP.
- This industry group has seen steady growth in recent years, outpacing the national average.
- The COVID-19 pandemic significantly impacted these service-based industries in Arizona.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the arts, entertainment, recreation, accommodation, and food services sectors in the state of Arizona.
Q: Why is this trend relevant for users or analysts?
A: This data is important for understanding the performance and growth of Arizona's service-based industries, which are vital to the state's economy.
Q: How is this data collected or calculated?
A: The U.S. Bureau of Economic Analysis (BEA) collects and calculates this data using proprietary economic modeling and estimation techniques.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this data to evaluate the health and trajectory of Arizona's service-based economy, which informs economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: There may be delays in data reporting and updates due to the complexity of economic modeling and data collection processes.
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Citation
U.S. Bureau of Economic Analysis, Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Arizona (AZARTETRTACCFDNGSP), retrieved from FRED.