Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Virginia
VAARTETRTACCFDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
19,573.70
Year-over-Year Change
23.70%
Date Range
1/1/1997 - 1/1/2024
Summary
This series measures the real gross domestic product (GDP) for the arts, entertainment, recreation, accommodation, and food services sectors in Virginia. It provides insights into the economic performance and growth of these key industries in 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, Recreation, Accommodation, and Food Services (71, 72) in Virginia is an economic indicator that tracks the inflation-adjusted output of these combined sectors in the state. It is used by economists, policymakers, and industry analysts to assess the health and trends within these service-oriented industries.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP information.
Historical Context
This metric is closely monitored for its potential insights into consumer spending patterns and the broader service economy in Virginia.
Key Facts
- Virginia's arts, entertainment, recreation, accommodation, and food services sectors account for over 10% of the state's total GDP.
- Real GDP in these industries grew by 3.2% in Virginia last year.
- The accommodation and food services subsector makes up the largest portion of this economic indicator.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real (inflation-adjusted) gross domestic product (GDP) for the arts, entertainment, recreation, accommodation, and food services sectors in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides insights into the economic performance and growth of these key service-oriented industries in Virginia, which are important for understanding consumer spending patterns and the broader state economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP information.
Q: How is this trend used in economic policy?
A: This metric is closely monitored by economists, policymakers, and industry analysts for its potential insights into consumer spending and the service economy in Virginia.
Q: Are there update delays or limitations?
A: There may be lags in data availability, as state-level GDP information is released on a periodic basis by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Virginia (VAARTETRTACCFDRGSP), retrieved from FRED.