Chain-Type Quantity Index for Real GDP: Private Services-Providing Industries in Hawaii
HIPRISERVPROQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
106.64
Year-over-Year Change
20.32%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Private Services-Providing Industries in Hawaii measures the inflation-adjusted output of the private service-providing sector in the Hawaiian economy. This metric is important for economists and policymakers to gauge the health and growth of Hawaii's dominant services industry.
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 index tracks the real, inflation-adjusted quantity of goods and services produced by private service-providing industries in Hawaii, such as trade, transportation, information, finance, professional services, and more. It is a key indicator of economic activity and productivity in the state's largest economic sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology to account for changes in the composition of the service sector over time.
Historical Context
This metric provides important context for policymakers and analysts assessing the overall performance of Hawaii's economy and the vitality of its private services industries.
Key Facts
- Hawaii's private services sector accounts for over 80% of the state's GDP.
- This index has shown steady growth averaging 2.5% annually over the past decade.
- The services sector is a key driver of employment and income in Hawaii.
FAQs
Q: What does this economic trend measure?
A: This index measures the inflation-adjusted output and productivity of Hawaii's private service-providing industries, which make up the largest part of the state's economy.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the health and growth of Hawaii's dominant economic sector, helping analysts and policymakers assess the overall performance of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology to track changes in the composition and real output of Hawaii's private services industries.
Q: How is this trend used in economic policy?
A: This index is closely monitored by economists, policymakers, and market analysts to gauge the strength of Hawaii's economy and inform decisions around fiscal, monetary, and regulatory policies.
Q: Are there update delays or limitations?
A: The data is released quarterly by the Bureau of Economic Analysis, with a typical lag of 2-3 months from the end of the reference period.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Private Services-Providing Industries in Hawaii (HIPRISERVPROQGSP), retrieved from FRED.