Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Hawaii
HIARTETRTACCFDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
9,657.70
Year-over-Year Change
20.73%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) for the arts, entertainment, recreation, accommodation, and food services industries in Hawaii. It provides insight into the performance and contribution of these key service sectors to 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
The Real Gross Domestic Product (GDP) series for the arts, entertainment, recreation, accommodation, and food services industries in Hawaii represents the inflation-adjusted value of economic output in these sectors. It is a crucial indicator for understanding the health and growth of Hawaii's tourism-dependent 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 closely monitored by policymakers, economists, and businesses to assess the state's economic conditions and guide decision-making.
Key Facts
- Hawaii's arts, entertainment, recreation, accommodation, and food services industries account for over 25% of the state's GDP.
- This trend has shown steady growth over the past decade, reflecting the importance of tourism to Hawaii's economy.
- The COVID-19 pandemic had a significant negative impact on this sector, leading to a steep decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) for the arts, entertainment, recreation, accommodation, and food services industries in the state of Hawaii.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insight into the performance and contribution of Hawaii's tourism-dependent service sectors, which are crucial to 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 based on surveys and economic modeling.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, economists, and businesses to assess the state's economic conditions and guide decision-making, particularly in areas related to tourism and the service industry.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates and revisions by the Bureau of Economic Analysis, and there may be occasional delays in the release of the latest figures.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Hawaii (HIARTETRTACCFDRGSP), retrieved from FRED.