Gross Domestic Product: Food Services and Drinking Places (722) in Maryland
MDFOODDPNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
11,803.30
Year-over-Year Change
88.83%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the food services and drinking places industry in the state of Maryland. It provides insight into the performance and contribution of this sector to the state's overall economic activity.
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 Gross Domestic Product: Food Services and Drinking Places (722) in Maryland series tracks the total value of goods and services produced by the food services and drinking places industry in the state. This data is used by economists and policymakers to analyze the economic health and growth of this key industry within Maryland's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Historical Context
This trend is used to inform economic policy decisions and monitor the performance of the food services and hospitality sector in Maryland.
Key Facts
- Maryland's food services and drinking places industry accounts for over 3% of the state's total GDP.
- This sector has experienced steady growth, expanding by 25% over the past decade.
- The COVID-19 pandemic significantly impacted this industry, leading to a 15% decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the food services and drinking places industry 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 the food services and hospitality sector to Maryland's overall economic activity, which is crucial for policymakers and industry analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Q: How is this trend used in economic policy?
A: This trend is used to inform economic policy decisions and monitor the performance of the food services and hospitality sector in Maryland.
Q: Are there update delays or limitations?
A: The data is typically released with a few months' delay, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Food Services and Drinking Places (722) in Maryland (MDFOODDPNGSP), retrieved from FRED.