Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Maryland
MDARTETRTACCFDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
22,421.50
Year-over-Year Change
101.16%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the Gross Domestic Product (GDP) for the arts, entertainment, recreation, accommodation, and food services industries in Maryland. It provides important insights into the performance and contribution of these key service sectors to the state's economy.
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 MDARTETRTACCFDNGSP series represents the GDP originating from NAICS sectors 71 (Arts, Entertainment, and Recreation) and 72 (Accommodation and Food Services) in the state of Maryland. This data is used by economists and policymakers to analyze the economic health and growth of Maryland's leisure, hospitality, and tourism-related industries.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of its regional GDP by industry statistics.
Historical Context
This economic trend is relevant for understanding Maryland's service-based economy and the impact of factors like consumer spending, employment, and tourism on the state's overall economic performance.
Key Facts
- Maryland's arts, entertainment, recreation, accommodation, and food services industries account for over 10% of the state's total GDP.
- This sector experienced a sharp decline in 2020 due to the COVID-19 pandemic but has since shown signs of recovery.
- The tourism and hospitality industries are major contributors to Maryland's service-based economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) originating from the arts, entertainment, recreation, accommodation, and food services industries in the state of Maryland.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and contribution of Maryland's leisure, hospitality, and tourism-related industries, which are key components of the state's service-based economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of its regional GDP by industry statistics.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the economic health and growth of Maryland's service sectors, which can inform decisions related to tourism, consumer spending, and overall economic development in the state.
Q: Are there update delays or limitations?
A: The data is typically updated quarterly by the BEA, but there may be some delays in the release of the most recent figures.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Maryland (MDARTETRTACCFDNGSP), retrieved from FRED.