Gross Domestic Product: Private Services-Providing Industries in Hawaii
HIPRISERVPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
83,482.10
Year-over-Year Change
67.17%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Private Services-Providing Industries in Hawaii measures the economic output of the private services sector in the state of Hawaii. This metric is a key indicator of the state's economic health and performance.
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 economic series tracks the value added by private service-providing industries, including trade, transportation, utilities, information, financial activities, professional and business services, education, health care, and other services. It provides insights into the dominant sectors driving Hawaii's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive state GDP estimates.
Historical Context
Economists and policymakers monitor this trend to understand the underlying drivers of Hawaii's economic growth and make informed decisions.
Key Facts
- Hawaii's private services-providing industries account for over 75% of the state's GDP.
- This sector has shown steady growth over the past decade, outpacing the national average.
- Tourism and hospitality are major components of Hawaii's private services industry.
FAQs
Q: What does this economic trend measure?
A: This trend measures the economic output and value added by private service-providing industries in the state of Hawaii, including sectors like trade, transportation, and professional services.
Q: Why is this trend relevant for users or analysts?
A: The Gross Domestic Product: Private Services-Providing Industries in Hawaii is a key indicator of the state's economic health and performance, providing insights into the dominant sectors driving growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive state GDP estimates.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor this trend to understand the underlying drivers of Hawaii's economic growth and make informed decisions about policy, investment, and development strategies.
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, Gross Domestic Product: Private Services-Providing Industries in Hawaii (HIPRISERVPRONGSP), retrieved from FRED.