Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in South Carolina
SCARTENTRECRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,978.60
Year-over-Year Change
35.40%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the arts, entertainment, and recreation sector in South Carolina. It provides insights into the economic performance and importance of this industry within the state.
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, and Recreation (71) in South Carolina series tracks the inflation-adjusted output of businesses and organizations in the arts, entertainment, and recreation industry in the state. This metric is used by economists and policymakers to analyze the health and growth of this sector and its contribution to the overall state economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is relevant for understanding the economic impact of the arts, entertainment, and recreation industry and informing policy decisions that affect this sector.
Key Facts
- The arts, entertainment, and recreation sector accounts for approximately 2.5% of South Carolina's total GDP.
- This industry experienced a 5.2% increase in real GDP from 2019 to 2020.
- The COVID-19 pandemic had a significant impact on this sector, leading to a 12.3% decline in real GDP in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the arts, entertainment, and recreation sector in the state of South Carolina.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic performance and importance of the arts, entertainment, and recreation industry within South Carolina, which is useful for economists, policymakers, and businesses in the sector.
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: This trend is relevant for understanding the economic impact of the arts, entertainment, and recreation industry and informing policy decisions that affect this sector.
Q: Are there update delays or limitations?
A: The data is subject to regular updates and revisions by the U.S. Bureau of Economic Analysis, and there may be some delays in the availability of the most recent information.
Related Trends
Per Capita Personal Consumption Expenditures: Nondurable Goods: Clothing and Footwear for South Carolina
SCPCEPCCLTH
Chain-Type Quantity Index for Real GDP: Transit and Ground Passenger Transportation (485) in South Carolina
SCTRANGRNDTRANQGSP
All Employees: Health Care: Ambulatory Health Care Services in South Carolina
SMU45000006562100001A
Gross Domestic Product: Chemical Manufacturing (325) in South Carolina
SCCHEMMANNGSP
Persons Unemployed 15 Weeks or Longer, as a Percent of the Civilian Labor Force for South Carolina
U1UNEM1SC
Number of Commercial Banks in South Carolina
X08CBTSC
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in South Carolina (SCARTENTRECRGSP), retrieved from FRED.