Real Gross Domestic Product: Accommodation (721) in Hawaii
HIACCOMDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,521.10
Year-over-Year Change
30.57%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Real Gross Domestic Product: Accommodation (721) in Hawaii' series measures the inflation-adjusted economic output of Hawaii's accommodation sector, a key component of the state's tourism-driven 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 metric provides insight into the performance and underlying trends within Hawaii's accommodation industry, a major driver of economic activity and employment in the state. Economists and policymakers closely monitor this data to gauge the health of Hawaii's tourism sector and broader economic conditions.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
Trends in Hawaii's accommodation GDP are closely watched by businesses, investors, and government officials as an indicator of the state's economic vitality and tourism industry performance.
Key Facts
- Hawaii's accommodation sector accounts for over 10% of the state's total GDP.
- Accommodation GDP has grown by an average of 3% annually over the past decade.
- The COVID-19 pandemic led to a 25% decline in Hawaii's accommodation GDP in 2020.
FAQs
Q: What does this economic trend measure?
A: The 'Real Gross Domestic Product: Accommodation (721) in Hawaii' series measures the inflation-adjusted economic output of Hawaii's accommodation sector, which includes hotels, motels, and other lodging facilities.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the performance and underlying trends within Hawaii's crucial tourism industry, which is a major driver 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.
Q: How is this trend used in economic policy?
A: Trends in Hawaii's accommodation GDP are closely watched by businesses, investors, and government officials as an indicator of the state's economic vitality and tourism industry performance, which informs policy decisions.
Q: Are there update delays or limitations?
A: The data is typically published on a quarterly basis with a lag of several months, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation (721) in Hawaii (HIACCOMDRGSP), retrieved from FRED.