Real Gross Domestic Product: Food Services and Drinking Places (722) in Delaware
DEFOODDPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,370.20
Year-over-Year Change
16.06%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Food Services and Drinking Places (722) in Delaware measures the economic output of the food service and drinking establishments sector in the state. This trend is a key indicator of consumer spending and the overall health of 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
This series tracks the real, inflation-adjusted GDP contribution from the food services and drinking places industry in Delaware. It provides insights into consumer behavior, business performance, and broader economic conditions within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounts methodologies.
Historical Context
Policymakers and analysts monitor this trend to assess the strength of the service sector and make informed decisions about economic and regulatory policies.
Key Facts
- Delaware's food service and drinking places sector accounts for 2.5% of the state's total GDP.
- The trend has shown steady growth, increasing by 3.2% annually on average over the past 5 years.
- The COVID-19 pandemic caused a sharp 12.5% decline in this sector's real GDP in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) contribution from 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, business performance, and the overall health of Delaware's service sector, which is an important component of the state's 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 accounts methodologies.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor this trend to assess the strength of the service sector and make informed decisions about economic and regulatory policies that may impact the food services and drinking places industry in Delaware.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the Bureau of Economic Analysis, and there may be lags of several months between the end of a reporting period and the publication of the latest figures.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food Services and Drinking Places (722) in Delaware (DEFOODDPRGSP), retrieved from FRED.