Real Gross Domestic Product: Accommodation and Food Services (72) in Louisiana
LAACCFDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,421.90
Year-over-Year Change
-5.16%
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 Louisiana. It provides insights into the economic performance and growth 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 Louisiana represents the total economic output of businesses in this industry, adjusted for inflation. This metric is widely used by economists and policymakers to analyze the strength and dynamics of the state's tourism and hospitality sectors.
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 important for understanding Louisiana's economic climate and informing policy decisions related to the state's tourism and service industries.
Key Facts
- Louisiana's accommodation and food services sector accounts for over 8% of the state's total GDP.
- This sector has experienced steady growth over the past decade, contributing to Louisiana's overall economic expansion.
- The real GDP for this industry provides a valuable gauge of consumer spending and the health of the state's tourism industry.
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 Louisiana.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and growth of Louisiana's tourism and hospitality industries, which are crucial components 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 using established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the strength and dynamics of Louisiana's service sectors, informing decisions related to tourism, economic development, and industry regulation.
Q: Are there update delays or limitations?
A: The data is updated regularly by the U.S. Bureau of Economic Analysis, but there may be some delays in the release of the most recent figures.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in Louisiana (LAACCFDRGSP), retrieved from FRED.