Real Gross Domestic Product: Food Services and Drinking Places (722) in Pennsylvania
PAFOODDPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
14,050.40
Year-over-Year Change
6.29%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures real gross domestic product (GDP) for the food services and drinking places industry in Pennsylvania. It provides insights into the performance and health of this key sector of 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 Real Gross Domestic Product: Food Services and Drinking Places (722) in Pennsylvania metric tracks the inflation-adjusted output of businesses in the food services and drinking places industry within the state. It is a valuable indicator of consumer demand, business investment, and economic conditions in this important commercial segment.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national income and product account methodologies.
Historical Context
This trend is closely monitored by policymakers, industry analysts, and investors to gauge Pennsylvania's economic vitality and consumer activity.
Key Facts
- Pennsylvania's food services and drinking places industry accounts for over 4% of the state's total GDP.
- Real GDP in this sector grew by 3.2% in 2021 as the economy rebounded from the COVID-19 pandemic.
- The food services industry is a major employer in Pennsylvania, providing over 500,000 jobs statewide.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the real, inflation-adjusted gross domestic product (GDP) for the food services and drinking places industry in the state of Pennsylvania.
Q: Why is this trend relevant for users or analysts?
A: The food services and drinking places industry is a critical component of Pennsylvania's economy, making this trend a valuable indicator of consumer demand, business investment, and overall economic conditions in the state.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national income and product account methodologies.
Q: How is this trend used in economic policy?
A: Policymakers, industry analysts, and investors closely monitor this metric to gauge Pennsylvania's economic vitality and consumer activity, which informs decision-making and policy.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, reflecting the time required for collection and analysis. Additionally, revisions to historical data may occur 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 Pennsylvania (PAFOODDPRGSP), retrieved from FRED.