Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in Rhode Island
RIACCFDQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
116.74
Year-over-Year Change
21.31%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in Rhode Island measures the inflation-adjusted output of the accommodation and food services sector in the state. This metric is a key indicator of economic activity and consumer spending patterns.
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, inflation-adjusted GDP of the accommodation and food services industry in Rhode Island. It provides insight into the performance and growth of this critical sector, which includes hotels, restaurants, and other hospitality businesses.
Methodology
The index is calculated by the U.S. Bureau of Economic Analysis using data on sales, revenues, and other economic indicators.
Historical Context
Policymakers and analysts use this metric to assess the health of Rhode Island's service economy and consumer demand.
Key Facts
- The index is based on 2012 as the base year.
- Rhode Island's accommodation and food services sector accounts for over 10% of the state's GDP.
- The index reached a peak in 2019 before declining during the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in Rhode Island measures the inflation-adjusted output of the state's accommodation and food services sector.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and growth of a key sector of Rhode Island's economy, which is important for understanding consumer spending patterns and overall economic activity in the state.
Q: How is this data collected or calculated?
A: The index is calculated by the U.S. Bureau of Economic Analysis using data on sales, revenues, and other economic indicators.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the health of Rhode Island's service economy and consumer demand, which informs economic and policy decisions.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates by the U.S. Bureau of Economic Analysis, and there may be some reporting lags or revisions to historical figures.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Accommodation and Food Services (72) in Rhode Island (RIACCFDQGSP), retrieved from FRED.