Gross Domestic Product: Food Services and Drinking Places (722) in Delaware
DEFOODDPNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,998.30
Year-over-Year Change
110.88%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Gross Domestic Product: Food Services and Drinking Places (722) in Delaware' measures the economic output of the food services and drinking places industry in the state of Delaware. This trend is important for understanding consumer spending patterns and the broader service sector within the state's 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
This economic indicator tracks the gross domestic product (GDP) generated by food services and drinking places establishments, which includes restaurants, bars, cafes, and other similar businesses. It provides insights into consumer demand and the health of the hospitality industry in Delaware.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using proprietary models and survey information.
Historical Context
Policymakers and economists use this trend to assess the strength of Delaware's consumer-facing service economy and make informed decisions about economic policy.
Key Facts
- Delaware's food services and drinking places GDP was $1.3 billion in 2021.
- This industry accounts for over 4% of Delaware's total economic output.
- The sector has seen steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by the food services and drinking places industry in the state of Delaware.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into consumer spending patterns and the overall health of the hospitality industry within Delaware's economy, which is valuable information for policymakers and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using proprietary models and survey information.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the strength of Delaware's consumer-facing service economy and make informed decisions about economic policy.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis with a lag of several months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Food Services and Drinking Places (722) in Delaware (DEFOODDPNGSP), retrieved from FRED.