Real Gross Domestic Product: Accommodation and Food Services (72) in Rhode Island
RIACCOMDRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,553.60
Year-over-Year Change
2.45%
Date Range
1/1/2005 - 1/1/2025
Summary
This series measures the real gross domestic product (GDP) of the accommodation and food services industry in Rhode Island. It provides insight into the economic performance of this sector, which is a key component of the state's service-based economy.
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 GDP for the accommodation and food services industry in Rhode Island represents the volume of economic activity in this sector, adjusted for inflation. It is a useful indicator for understanding the state's tourism and hospitality trends, which are important drivers of economic growth.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of its regional GDP estimates.
Historical Context
Policymakers and analysts use this metric to assess the health and competitiveness of Rhode Island's service industry.
Key Facts
- Rhode Island's accommodation and food services industry accounts for about 5% of the state's total GDP.
- This sector experienced a significant decline during the COVID-19 pandemic but has since shown signs of recovery.
- Tourism is a major driver of the accommodation and food services industry in Rhode Island.
FAQs
Q: What does this economic trend measure?
A: This economic trend measures the real gross domestic product (GDP) of the accommodation and food services industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the performance and economic contribution of Rhode Island's tourism and hospitality sectors, which are important drivers of the state's service-based economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of its regional GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the health and competitiveness of Rhode Island's service industry, which informs economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is subject to the release schedule and potential revisions of the BEA's regional GDP estimates.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in Rhode Island (RIACCOMDRQGSP), retrieved from FRED.