Chain-Type Quantity Index for Real GDP: Arts, Entertainment, and Recreation (71) in Wisconsin
WIARTENTRECQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
136.81
Year-over-Year Change
34.76%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Arts, Entertainment, and Recreation (71) in Wisconsin measures the real, inflation-adjusted output of the arts, entertainment, and recreation sector in the state. This metric is crucial for analyzing economic growth and industry performance.
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 Chain-Type Quantity Index tracks changes in the real, volume-based production of goods and services, providing a more accurate picture of economic activity than nominal dollar values. This index is widely used by economists and policymakers to assess the underlying health and trajectory of key industries and the broader state economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology.
Historical Context
This economic indicator informs policy decisions and business strategies related to the arts, tourism, and recreational sectors in Wisconsin.
Key Facts
- The index is benchmarked to 2012 as the base year.
- The arts, entertainment, and recreation sector accounts for over 3% of Wisconsin's GDP.
- Index values have increased by 15% since 2015, indicating robust growth in the industry.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Arts, Entertainment, and Recreation (71) in Wisconsin measures the real, inflation-adjusted output of the arts, entertainment, and recreation sector in the state.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for analyzing economic growth and industry performance, as it provides a more accurate picture of underlying activity in the arts, tourism, and recreational sectors in Wisconsin.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology.
Q: How is this trend used in economic policy?
A: This economic indicator informs policy decisions and business strategies related to the arts, tourism, and recreational sectors in Wisconsin.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month lag between the end of the reference period and the release of the latest figures.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Arts, Entertainment, and Recreation (71) in Wisconsin (WIARTENTRECQGSP), retrieved from FRED.