Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Nebraska
NEARTETRTACCFDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,859.20
Year-over-Year Change
28.68%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) for the arts, entertainment, recreation, accommodation, and food services industries in the state of Nebraska. It provides insights into the performance and economic contributions of these sectors.
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 Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Nebraska series tracks the inflation-adjusted economic output of these key industries within the state. It is used by economists, policymakers, and industry analysts to assess the health and growth of these service-based sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of sources, including industry surveys and tax records.
Historical Context
This trend is relevant for understanding the broader economic conditions and trends within Nebraska, as well as the relative importance of the state's tourism, hospitality, and leisure sectors.
Key Facts
- Nebraska's arts, entertainment, recreation, accommodation, and food services industries account for over 10% of the state's total GDP.
- This sector has experienced steady growth, outpacing the overall state economy in recent years.
- The COVID-19 pandemic had a significant negative impact on this industry in Nebraska, with output declining by over 20% in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) of the arts, entertainment, recreation, accommodation, and food services industries in the state of Nebraska.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and economic contributions of Nebraska's tourism, hospitality, and leisure sectors, which are important drivers 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 a variety of sources, including industry surveys and tax records.
Q: How is this trend used in economic policy?
A: This trend is used by economists, policymakers, and industry analysts to assess the health and growth of Nebraska's service-based sectors, which can inform economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately three months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Nebraska (NEARTETRTACCFDRGSP), retrieved from FRED.