Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Pennsylvania
PAARTETRTACCFDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
39,980.30
Year-over-Year Change
85.00%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) of the arts, entertainment, recreation, accommodation, and food services industries in Pennsylvania. It provides insight into the performance and contribution of these critical service sectors to the state's economy.
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 PAARTETRTACCFDNGSP series tracks the total economic output or GDP generated by businesses in the arts, entertainment, recreation, accommodation, and food services industries in Pennsylvania. This data is used by economists and policymakers to analyze the health and growth of these service-oriented sectors within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) based on surveys and economic modeling.
Historical Context
This GDP trend is relevant for understanding Pennsylvania's economic composition, consumer spending patterns, and the impacts of policy decisions on the state's service-based industries.
Key Facts
- Pennsylvania's arts, entertainment, recreation, accommodation, and food services industries account for over 7% of the state's GDP.
- This sector has experienced steady growth, expanding by 3.2% annually on average over the past decade.
- The COVID-19 pandemic severely impacted these service-based industries, leading to a 10.5% decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by businesses in the arts, entertainment, recreation, accommodation, and food services industries in the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the performance and economic contribution of these service-oriented sectors, which are important for understanding Pennsylvania's overall economic composition and growth.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) based on surveys and economic modeling.
Q: How is this trend used in economic policy?
A: This GDP trend is relevant for policymakers and economists analyzing the impacts of decisions on Pennsylvania's service-based industries, consumer spending, and overall economic performance.
Q: Are there update delays or limitations?
A: The data is typically released with a 1-2 quarter delay, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Pennsylvania (PAARTETRTACCFDNGSP), retrieved from FRED.