Real Gross Domestic Product: Food Services and Drinking Places (722) in Wisconsin
WIFOODDPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,904.60
Year-over-Year Change
27.14%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures real gross domestic product (GDP) for the food services and drinking places industry in Wisconsin. It provides insights into the performance and contribution of this sector 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: Food Services and Drinking Places (722) in Wisconsin metric tracks the inflation-adjusted output of the food services and drinking places industry, which includes restaurants, bars, and other establishments that prepare meals and beverages for immediate consumption. This data series is a valuable indicator of the state's consumer spending patterns and the health of the hospitality sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Historical Context
This trend is closely monitored by policymakers, economists, and market analysts to assess the strength of Wisconsin's consumer-driven economy and the broader hospitality industry.
Key Facts
- Wisconsin's food services and drinking places industry accounts for over 3% of the state's total GDP.
- This sector has experienced steady growth in real GDP over the past decade, outpacing the national average.
- The COVID-19 pandemic led to a sharp decline in this metric in 2020, but the industry has since begun to recover.
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 Wisconsin.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the performance and contribution of Wisconsin's hospitality sector, which is an important driver of consumer spending and economic activity in the state.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and market analysts closely monitor this trend to assess the strength of Wisconsin's consumer-driven economy and the broader hospitality industry.
Q: Are there update delays or limitations?
A: The data is typically published on a quarterly basis, with some potential for minor delays in release.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food Services and Drinking Places (722) in Wisconsin (WIFOODDPRGSP), retrieved from FRED.