Real Gross Domestic Product: Food Services and Drinking Places (722) in Virginia
VAFOODDPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
11,219.90
Year-over-Year Change
17.74%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures real gross domestic product (GDP) for the food services and drinking places industry in Virginia. It provides insight into the performance and economic contribution of this important sector.
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 Virginia metric tracks the inflation-adjusted output of businesses in the food services and drinking places industry, including restaurants, bars, and other dining establishments within the state. This data is useful for analyzing economic activity, consumer spending patterns, and industry-level trends.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of economic surveys and statistical models.
Historical Context
This metric is closely monitored by policymakers, economists, and industry analysts to assess the health and growth of Virginia's food services and hospitality sector.
Key Facts
- Virginia's food services and drinking places industry accounts for over 4% of the state's total GDP.
- This sector has seen steady growth over the past decade, outpacing the overall state economy.
- The COVID-19 pandemic significantly impacted this industry, leading to a sharp decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the food services and drinking places industry in the state of Virginia.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insights into the performance and economic contribution of a key industry within Virginia, which is useful for policymakers, businesses, and economists analyzing state-level economic trends.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using a variety of economic surveys and statistical models.
Q: How is this trend used in economic policy?
A: This metric is closely monitored by policymakers, economists, and industry analysts to assess the health and growth of Virginia's food services and hospitality sector, which informs economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: There may be delays of several months in the release of this data, and the metric may be subject to revisions as additional information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food Services and Drinking Places (722) in Virginia (VAFOODDPRGSP), retrieved from FRED.