Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Rhode Island
RIARTETRTACCFDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,710.90
Year-over-Year Change
102.51%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) of the arts, entertainment, recreation, accommodation, and food services sectors in Rhode Island. It provides insight into the performance and contribution of these key industries 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 RIARTETRTACCFDNGSP series tracks the GDP generated by businesses in the arts, entertainment, recreation, accommodation, and food services industries within the state of Rhode Island. This metric is used by economists and policymakers to assess the health and growth of these service-oriented sectors, which are important drivers of the state's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of its comprehensive GDP reporting for states and regions.
Historical Context
This economic trend is relevant for understanding the economic conditions and consumer activity in Rhode Island, particularly in industries that rely on tourism and leisure spending.
Key Facts
- Rhode Island's arts, entertainment, and recreation GDP was $1.7 billion in 2021.
- The accommodation and food services sector contributed $2.4 billion to Rhode Island's GDP in 2021.
- These industries account for over 10% of Rhode Island's total economic output.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by businesses in the arts, entertainment, recreation, accommodation, and food services industries within the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and contribution of these service-oriented sectors, which are important drivers of Rhode Island's economy. It is used by economists and policymakers to assess the health and growth of these industries.
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 comprehensive GDP reporting for states and regions.
Q: How is this trend used in economic policy?
A: This trend is relevant for understanding the economic conditions and consumer activity in Rhode Island, particularly in industries that rely on tourism and leisure spending. Policymakers may use this data to inform decisions and policies that support these sectors.
Q: Are there update delays or limitations?
A: The data is subject to the timeliness and reporting schedules of the BEA, which may result in some delay between the reference period and the public release of the information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Arts, Entertainment, Recreation, Accommodation, and Food Services (71, 72) in Rhode Island (RIARTETRTACCFDNGSP), retrieved from FRED.