Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Indiana
INARTENTRECNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,927.50
Year-over-Year Change
67.69%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Indiana' measures the economic output of the arts, entertainment, and recreation sector in the state of Indiana. This metric is important for policymakers and analysts to understand the health and trends within this key service 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 series represents the gross domestic product (GDP) contribution of the arts, entertainment, and recreation industry (NAICS sector 71) in the state of Indiana. It provides insight into the economic performance and growth of this sector, which includes businesses ranging from performing arts venues to amusement parks.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP estimates.
Historical Context
This economic indicator helps inform policy decisions and market analysis related to Indiana's service-based economy.
Key Facts
- Indiana's arts and entertainment GDP was $4.9 billion in 2021.
- This sector accounts for 2.1% of Indiana's total economic output.
- GDP in this industry grew by 6.7% in Indiana from 2020 to 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the arts, entertainment, and recreation industry in the state of Indiana.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the economic performance and growth of Indiana's service-based arts, entertainment, and recreation sector, which is an important part of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP estimates.
Q: How is this trend used in economic policy?
A: This indicator helps inform policy decisions and market analysis related to Indiana's service-based economy and the health of its arts and entertainment industries.
Q: Are there update delays or limitations?
A: The data is published annually with a lag, so the most recent year may not be available immediately.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Indiana (INARTENTRECNGSP), retrieved from FRED.