Real Gross Domestic Product: Food Services and Drinking Places (722) in Hawaii
HIFOODDPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,917.90
Year-over-Year Change
17.07%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Food Services and Drinking Places (722) in Hawaii measures the output of the food services and drinking places industry, adjusted for inflation, 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 data series provides insight into the economic performance and contribution of Hawaii's food service and bar sector, which is an important part of the state's tourism-driven economy. Economists and policymakers use this metric to assess the health and growth of this industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
This economic indicator is relevant for understanding consumer spending patterns and the broader service sector in Hawaii.
Key Facts
- Hawaii's food services and drinking places industry accounts for over 5% of the state's GDP.
- This sector has seen steady growth over the past decade, reflecting the importance of tourism to Hawaii's economy.
- The COVID-19 pandemic significantly impacted this industry, with a sharp decline in 2020 followed by a gradual recovery.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real (inflation-adjusted) gross domestic product of the food services and drinking places industry in the state of Hawaii.
Q: Why is this trend relevant for users or analysts?
A: This data is useful for understanding the performance and contribution of Hawaii's food service and bar sector, which is a key part of the state's tourism-driven 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: Economists and policymakers use this metric to assess the health and growth of Hawaii's food service industry, which informs decisions related to tourism, consumer spending, and broader economic policy.
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 some delays in the most recent quarter's release.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food Services and Drinking Places (722) in Hawaii (HIFOODDPRGSP), retrieved from FRED.