Chain-Type Quantity Index for Real GDP: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Arizona
AZARTETRTACCFDQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
112.66
Year-over-Year Change
26.07%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Arizona measures the inflation-adjusted output of these industries in the state. It is an important indicator of economic activity and consumer spending trends.
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 GDP of the arts, entertainment, recreation, accommodation, and food services sectors in Arizona. It provides insights into the performance and growth of these key industries, which are crucial components of the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index method.
Historical Context
Policymakers and analysts use this index to assess the health and trajectory of Arizona's service-oriented industries and their contribution to overall economic growth.
Key Facts
- Arizona's arts, entertainment, and recreation sectors account for over 4% of the state's GDP.
- The index has shown steady growth since the early 2000s, reflecting the expanding service economy.
- The COVID-19 pandemic caused a sharp decline in this index in 2020 due to lockdowns and reduced travel.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output 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 index provides important insights into the performance and growth of key service industries in Arizona, which are crucial components of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index method.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to assess the health and trajectory of Arizona's service-oriented industries and their contribution to overall economic growth.
Q: Are there update delays or limitations?
A: The index data is released on a regular schedule by the U.S. Bureau of Economic Analysis, with potential lags due to the time required for data collection and processing.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Arizona (AZARTETRTACCFDQGSP), retrieved from FRED.