Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Illinois
ILARTETRTACCFDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
35,124.60
Year-over-Year Change
16.00%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures real gross domestic product (GDP) for the arts, entertainment, recreation, accommodation, and food services sectors in Illinois. It provides insights into the performance and economic contribution of these industries in 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 Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Illinois trend represents the inflation-adjusted value of goods and services produced by these industries within the state. It is a key indicator of the overall health and growth of these sectors, which are important contributors to Illinois' economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is closely monitored by policymakers, economists, and industry analysts to assess the economic conditions and outlook for these service-oriented sectors in Illinois.
Key Facts
- Illinois' arts, entertainment, recreation, accommodation, and food services sectors account for over 8% of the state's total GDP.
- Real GDP in these industries grew by 3.2% in Illinois last year, outpacing the overall state GDP growth rate.
- The COVID-19 pandemic had a significant negative impact on this sector, with real GDP declining by 9.4% in 2020 before rebounding in 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the arts, entertainment, recreation, accommodation, and food services industries in the state of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and economic contribution of these service-oriented sectors, which are crucial components of Illinois' economy. It is closely monitored by policymakers, economists, and industry stakeholders.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers, economists, and industry analysts to assess the economic conditions and outlook for these service-oriented sectors in Illinois, which can inform policy decisions and business strategies.
Q: Are there update delays or limitations?
A: The data is typically released with a lag of several months, so there may be delays in accessing the most current information. Additionally, the data may be subject to revisions as more complete information becomes available.
Related Trends
Gross Domestic Product: All Industry Total in Illinois
ILNQGSP
All Employees: Total Nonfarm in Illinois
ILNA
90% Confidence Interval Upper Bound of Estimate of Median Household Income for Illinois
MHICIUBIL17000A052NCEN
Real Gross Domestic Product: Other Services (Except Government and Government Enterprises) (81) in Illinois
ILOTHSERVERQGSP
Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in Illinois
ILFOODBEVTOBMANNGSP
Housing Inventory: New Listing Count Month-Over-Month in Illinois
NEWLISCOUMMIL
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Illinois (ILARTETRTACCFDRGSP), retrieved from FRED.