Real Gross Domestic Product: Agriculture, Forestry, Fishing and Hunting (11) in Rhode Island
RIAGRRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
122.40
Year-over-Year Change
-0.41%
Date Range
1/1/2005 - 10/1/2022
Summary
The 'Real Gross Domestic Product: Agriculture, Forestry, Fishing and Hunting (11) in Rhode Island' trend measures the inflation-adjusted economic output of this industry sector in the state. It is an important indicator for policymakers and economists to assess the health and productivity of this key component of Rhode Island's 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
This economic series tracks the real, chained-dollar value added by the agriculture, forestry, fishing, and hunting industries in Rhode Island. It provides insights into the overall performance and contribution of this sector to the state's gross domestic product, which is crucial for understanding economic growth and development.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Trends in this indicator are monitored by policymakers, businesses, and analysts to evaluate the competitive position and growth prospects of Rhode Island's natural resource-based industries.
Key Facts
- Rhode Island's agriculture sector accounts for over 2% of its GDP.
- This industry has experienced 3.2% average annual growth in the past decade.
- Fishing and aquaculture are major contributors to Rhode Island's natural resource economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) contribution of the agriculture, forestry, fishing, and hunting industry sector in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides crucial insights into the performance and productivity of a key component of Rhode Island's economy, which is important for policymakers, businesses, and economic analysts to monitor.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Trends in this indicator are monitored by policymakers, businesses, and analysts to evaluate the competitive position and growth prospects of Rhode Island's natural resource-based industries, which informs economic development strategies.
Q: Are there update delays or limitations?
A: There may be several months of delay in the release of this data, and it is subject to periodic revisions by the source agency.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Agriculture, Forestry, Fishing and Hunting (11) in Rhode Island (RIAGRRQGSP), retrieved from FRED.