Real Gross Domestic Product: Accommodation and Food Services (72) in Illinois
ILACCFDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
25,332.90
Year-over-Year Change
13.78%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the real gross domestic product (GDP) of the accommodation and food services sector in Illinois. It provides insights into the economic performance and contribution of this key industry within the state.
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 for the accommodation and food services sector in Illinois represents the total output of this industry, adjusted for inflation. It serves as an important indicator of economic activity and growth in the state's tourism, hospitality, and food service industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
Policymakers and businesses use this trend to assess the health and trajectory of Illinois' accommodation and food services sector.
Key Facts
- Illinois' accommodation and food services sector accounts for approximately 4% of the state's total GDP.
- The sector experienced a significant decline in 2020 due to the COVID-19 pandemic.
- The real GDP for this industry has shown steady growth in the years prior to the pandemic.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the accommodation and food services sector in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic performance and contribution of the accommodation and food services industry, which is a key sector in Illinois' economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Q: How is this trend used in economic policy?
A: Policymakers and businesses use this trend to assess the health and trajectory of Illinois' accommodation and food services sector, which informs economic development and tourism policies.
Q: Are there update delays or limitations?
A: The data is subject to the release schedule and revisions of the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in Illinois (ILACCFDRGSP), retrieved from FRED.