Real Gross Domestic Product: Social Assistance (624) in Hawaii
HISOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
646.80
Year-over-Year Change
4.73%
Date Range
1/1/1997 - 1/1/2023
Summary
This series measures the real gross domestic product (GDP) of the social assistance industry in Hawaii. It provides insights into the performance and contribution of this sector to the state's overall economic activity.
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 GDP of the social assistance industry in Hawaii is a key economic indicator that reflects the inflation-adjusted value of goods and services produced by this sector. It is used by economists and policymakers to analyze the state's economic trends and the role of the social assistance industry in the broader economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is relevant for understanding the state's economic conditions and informing policy decisions related to the social assistance sector.
Key Facts
- Hawaii's real GDP for the social assistance industry was $2.3 billion in 2021.
- The social assistance sector accounts for approximately 2.5% of Hawaii's total real GDP.
- This trend has shown steady growth over the past decade, reflecting the importance of the social assistance industry in the state's economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the social assistance industry in Hawaii, which includes activities such as individual and family services, community food and housing, and vocational rehabilitation services.
Q: Why is this trend relevant for users or analysts?
A: The real GDP of the social assistance industry in Hawaii is an important indicator for understanding the state's economic composition and the performance of this critical sector, which provides essential services to the local population.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles and methodologies.
Q: How is this trend used in economic policy?
A: This trend is used by economists, policymakers, and analysts to assess the economic contribution of the social assistance industry, inform policy decisions, and develop strategies to support and promote the growth of this sector in Hawaii.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, with a lag of several months. There may be limitations in capturing the full scope of economic activity in the social assistance industry due to data collection challenges.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Social Assistance (624) in Hawaii (HISOCASSRGSP), retrieved from FRED.