Gross Domestic Product: Trade (42, 44-45) in Hawaii
HITRADENGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
11,924.40
Year-over-Year Change
58.93%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Trade (42, 44-45) in Hawaii measures the total value of trade-related economic activity in the state. This metric is crucial for understanding Hawaii's economic performance and trade dynamics.
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 series represents the trade component of Hawaii's gross domestic product, which includes wholesale trade, retail trade, and transportation and warehousing. It provides insights into the state's trade-related industries and their contributions to the overall economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic models.
Historical Context
Policymakers and analysts use this trend to gauge Hawaii's trade competitiveness and identify opportunities for economic development.
Key Facts
- Hawaii's trade-related GDP was $31.5 billion in 2020.
- Trade accounts for nearly 30% of Hawaii's total economic output.
- The trade sector has experienced steady growth in recent years.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Trade (42, 44-45) in Hawaii measures the total value of trade-related economic activity in the state, including wholesale trade, retail trade, and transportation and warehousing.
Q: Why is this trend relevant for users or analysts?
A: This trend provides crucial insights into Hawaii's trade-related industries and their contributions to the overall economy, which is essential for understanding the state's economic performance and identifying opportunities for growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic models.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to gauge Hawaii's trade competitiveness and identify opportunities for economic development, informing decisions that can impact the state's trade-related industries and overall economic performance.
Q: Are there update delays or limitations?
A: The data is typically updated on a quarterly basis, but there may be occasional delays or revisions due to the complexities of data collection and calculation.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Trade (42, 44-45) in Hawaii (HITRADENGSP), retrieved from FRED.