Real Gross Domestic Product: Food Services and Drinking Places (722) in Oregon
ORFOODDPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,804.20
Year-over-Year Change
38.39%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Food Services and Drinking Places (722) in Oregon 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 patterns in 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 series represents the real, chained-dollar value of gross domestic product (GDP) for the food services and drinking places industry in Oregon. It provides insights into the performance and underlying trends within the state's restaurant, bar, and related hospitality businesses.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Historical Context
Policymakers and economists use this metric to assess the health of Oregon's consumer-facing service industries and make informed decisions.
Key Facts
- Oregon's food services and drinking places industry accounts for over 4% of the state's total GDP.
- This sector experienced a sharp decline during the COVID-19 pandemic but has since shown signs of recovery.
- The real GDP of Oregon's food services and drinking places grew by 2.5% in 2021.
FAQs
Q: What does this economic trend measure?
A: This metric measures the inflation-adjusted value of gross domestic product (GDP) specifically for the food services and drinking places industry in the state of Oregon.
Q: Why is this trend relevant for users or analysts?
A: The performance of the food services and drinking places sector is a key indicator of consumer spending patterns and overall economic activity in Oregon. Analysts and policymakers use this metric to assess the health of the state's hospitality industry.
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 frameworks and methodologies.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to monitor the state of Oregon's consumer-facing service industries and make informed decisions about economic policies, stimulus measures, and regulatory frameworks.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, reflecting the time required for data collection and processing. There may also be revisions to historical data as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food Services and Drinking Places (722) in Oregon (ORFOODDPRGSP), retrieved from FRED.