Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in the District of Columbia
DCARTETRTACCFDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,197.30
Year-over-Year Change
17.06%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the arts, entertainment, recreation, accommodation, and food services sectors in the District of Columbia. It provides insights into the performance and contribution of these key industries to the local economy.
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: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in the District of Columbia series tracks the inflation-adjusted economic output of these related service sectors. This metric is used by economists and policymakers to gauge the health and growth of the District's leisure and hospitality industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This economic indicator informs policy decisions and business strategies related to the District of Columbia's tourism, entertainment, and service-based economy.
Key Facts
- The arts, entertainment, recreation, accommodation, and food services sectors account for over 15% of D.C.'s total GDP.
- This trend showed a 10.4% decline in 2020 due to the COVID-19 pandemic.
- The District's leisure and hospitality industries have historically outpaced the national average in GDP growth.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product 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 metric provides insights into the performance and contribution of the District's leisure and hospitality industries, which are key drivers of 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 using established national accounting principles.
Q: How is this trend used in economic policy?
A: This indicator informs policy decisions and business strategies related to the District of Columbia's tourism, entertainment, and service-based economy.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the Bureau of Economic Analysis, and may have a delay of several months between the reference period and publication.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in the District of Columbia (DCARTETRTACCFDRGSP), retrieved from FRED.