Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in South Carolina
SCARTETRTACCFDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
12,380.20
Year-over-Year Change
36.89%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) for the arts, entertainment, recreation, accommodation, and food services sectors in South Carolina. It provides insights into the performance and contribution of these key industries to the state's overall economic activity.
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, Recreation, Accommodation, and Food Services (71, 72) in South Carolina series tracks the inflation-adjusted output of these related industries, which are important components of the state's service-based economy. Economists and policymakers use this data to analyze the health and growth of these sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP estimates.
Historical Context
This trend is relevant for understanding the economic conditions and dynamics in South Carolina's tourism, hospitality, and leisure-oriented industries.
Key Facts
- South Carolina's arts, entertainment, recreation, accommodation, and food services sectors account for over 10% of the state's total GDP.
- These industries have seen steady growth in recent years, outpacing the overall state economy.
- The COVID-19 pandemic had a significant negative impact on these service-oriented sectors in South Carolina.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product for 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 important insights into the performance and contribution of key service-oriented industries that are vital to South Carolina's economy, particularly the state's tourism and hospitality sectors.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive GDP estimates for states and regions.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this data to analyze the health and growth of South Carolina's service-based industries, which can inform economic development strategies, tourism promotion, and other policy decisions.
Q: Are there update delays or limitations?
A: The data is published on a quarterly basis, with some potential for delays in the most recent releases due to the comprehensive nature of the GDP estimates.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in South Carolina (SCARTETRTACCFDRGSP), retrieved from FRED.