Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in South Carolina
SCARTETRTACCFDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
18,019.40
Year-over-Year Change
132.31%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) contribution of the arts, entertainment, recreation, accommodation, and food services sectors in South Carolina. It provides insights into the performance and importance of these industries within 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 Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in South Carolina series tracks the value-added output of these key service-providing industries. This metric is used by economists and policymakers to analyze the relative strength and growth of these sectors, which are crucial for tourism, leisure, and quality of life within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
This trend is relevant for understanding South Carolina's economic structure, evaluating the state's competitiveness in tourism and hospitality, and informing policy decisions related to these industries.
Key Facts
- South Carolina's arts, entertainment, recreation, accommodation, and food services sectors account for over 10% of the state's GDP.
- These industries have seen steady growth in recent years, outpacing the state's overall economic expansion.
- The accommodation and food services subsector is the largest component, contributing around two-thirds of this GDP category.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the arts, entertainment, recreation, accommodation, and food services sectors in the state of South Carolina.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and importance of these key service-providing industries within South Carolina's economy, which are crucial for tourism, leisure, and quality of life.
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 income and product accounting methods.
Q: How is this trend used in economic policy?
A: This trend is relevant for understanding South Carolina's economic structure, evaluating the state's competitiveness in tourism and hospitality, and informing policy decisions related to these industries.
Q: Are there update delays or limitations?
A: The data is published on a regular schedule by the U.S. Bureau of Economic Analysis, but may be subject to periodic revisions and can have update lags of several months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in South Carolina (SCARTETRTACCFDNGSP), retrieved from FRED.