Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in the District of Columbia
DCARTETRTACCFDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,688.30
Year-over-Year Change
90.83%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the gross domestic product (GDP) of the arts, entertainment, recreation, accommodation, and food services sectors in the District of Columbia. It provides insights into the economic output and performance of these key industries in the nation's capital.
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 GDP of the arts, entertainment, recreation, accommodation, and food services sectors in the District of Columbia represents the total value of goods and services produced by these industries. This metric is used by economists and policymakers to analyze the strength and composition of the local economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Historical Context
This trend is important for understanding the health and competitiveness of the District of Columbia's tourism and hospitality-driven industries.
Key Facts
- The arts, entertainment, recreation, accommodation, and food services sectors account for approximately 10% of the District of Columbia's GDP.
- Between 2015 and 2020, this trend exhibited a compound annual growth rate of 3.2%.
- The District of Columbia's tourism industry generates over $7.5 billion in economic activity annually.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the arts, entertainment, recreation, accommodation, and food services sectors in the District of Columbia.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and economic contribution of the District of Columbia's tourism and hospitality-driven industries, which are crucial to the local economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the strength and competitiveness of the District of Columbia's tourism and hospitality sectors, which inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is typically released on a quarterly basis, with a lag of several months. There may be revisions to previous estimates as additional information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in the District of Columbia (DCARTETRTACCFDNGSP), retrieved from FRED.