Real Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Hawaii
HIPRFRMSPRTMSMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
572.30
Year-over-Year Change
45.03%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the performing arts, spectator sports, museums, and related activities sector in Hawaii. It is an important indicator of the health and productivity of Hawaii's creative and cultural industries.
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: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Hawaii series tracks the inflation-adjusted economic output of this industry group within the state. It provides insight into the growth and performance of Hawaii's arts, entertainment, and recreation sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of economic indicators and statistical models.
Historical Context
Policymakers and analysts use this trend to assess the economic contribution and trajectory of Hawaii's cultural and recreational activities.
Key Facts
- Hawaii's performing arts and recreation sector accounts for over $2 billion in annual GDP.
- This industry group has grown by an average of 3% per year over the past decade.
- The COVID-19 pandemic significantly impacted Hawaii's arts and entertainment activities in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the performing arts, spectator sports, museums, and related activities sector in the state of Hawaii.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and economic contribution of Hawaii's arts, entertainment, and recreation industries, which are a key part of the state's economy and tourism sector.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of economic indicators and statistical models.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the economic importance of Hawaii's cultural and recreational activities and inform policies and investments related to the state's tourism and creative industries.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as additional information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Hawaii (HIPRFRMSPRTMSMRGSP), retrieved from FRED.