Chain-Type Quantity Index for Real GDP: Food Services and Drinking Places (722) in Maine
MEFOODDPQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
106.26
Year-over-Year Change
29.43%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Food Services and Drinking Places (722) in Maine measures the inflation-adjusted output of the food services and drinking places industry in the state. This metric is a key indicator of economic activity and consumer spending within the hospitality sector.
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 index tracks the real volume of goods and services produced by Maine's food services and drinking places, a key component of the state's GDP. It provides insight into the health and growth of the hospitality industry, which is an important driver of overall economic performance.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted method to adjust for inflation.
Historical Context
Policymakers and analysts use this index to monitor the economic vitality of Maine's hospitality sector and consumer spending patterns.
Key Facts
- Maine's food services and drinking places account for over 3% of the state's GDP.
- This index has grown by an average of 2.5% annually over the past decade.
- The sector was significantly impacted by the COVID-19 pandemic, with a 15% decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of Maine's food services and drinking places industry, which is a key component of the state's overall GDP.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the health and performance of Maine's hospitality sector, which is a significant driver of the state's economy and consumer spending patterns.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted method to adjust for inflation.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to monitor the economic vitality of Maine's hospitality sector and consumer spending, which informs policy decisions and economic forecasting.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately two months, so there may be a short delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Food Services and Drinking Places (722) in Maine (MEFOODDPQGSP), retrieved from FRED.