Real Gross Domestic Product: Accommodation and Food Services (72) in Minnesota
MNACCOMDRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,445.70
Year-over-Year Change
1.31%
Date Range
1/1/2005 - 1/1/2025
Summary
The Real Gross Domestic Product: Accommodation and Food Services (72) in Minnesota measures the inflation-adjusted economic output of the accommodation and food services sector in the state. This trend is a key indicator of consumer spending and the broader service industry in Minnesota.
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 real, inflation-adjusted GDP contribution of the accommodation and food services industry in Minnesota. It is used by economists and policymakers to assess the health and growth of this important service sector within the state's overall economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Trends in this sector's real GDP are closely monitored for insights into Minnesota's consumer demand, business investment, and economic performance.
Key Facts
- Minnesota's accommodation and food services sector accounts for over 10% of the state's total GDP.
- This industry has experienced steady real GDP growth of around 3% annually over the past decade.
- The COVID-19 pandemic caused a sharp decline in this sector's real GDP in 2020 before a gradual recovery.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted GDP contribution of the accommodation and food services industry in the state of Minnesota.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the health and growth of an important service sector within Minnesota's economy, which is closely tied to consumer spending and broader economic performance.
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: Trends in this sector's real GDP are closely monitored by economists and policymakers for insights into Minnesota's consumer demand, business investment, and overall economic conditions.
Q: Are there update delays or limitations?
A: This data is typically published with a lag of several months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in Minnesota (MNACCOMDRQGSP), retrieved from FRED.