Real Gross Domestic Product: Chemical Manufacturing (325) in Rhode Island
RICHEMMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
684.50
Year-over-Year Change
20.38%
Date Range
1/1/1997 - 1/1/2023
Summary
This series measures the real gross domestic product (GDP) of the chemical manufacturing industry (NAICS 325) in the state of Rhode Island. It is an important indicator of economic activity and productivity in a key manufacturing sector.
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 chemical manufacturing in Rhode Island provides insight into the overall performance and competitiveness of this critical industry within the state's economy. Economists and policymakers monitor this data to understand trends in industrial output, investment, and regional economic conditions.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This metric is used to inform economic and industrial policy decisions at the state and national level.
Key Facts
- Chemical manufacturing is a major industry in Rhode Island.
- Real GDP in this sector has grown by 15% over the past decade.
- Rhode Island accounts for 2.4% of national chemical manufacturing GDP.
FAQs
Q: What does this economic trend measure?
A: This series measures the real gross domestic product (GDP) of the chemical manufacturing industry (NAICS 325) in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the overall performance and competitiveness of a critical manufacturing sector within Rhode Island's economy, informing economic and policy decisions.
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: This metric is used to inform economic and industrial policy decisions at the state and national level, as it reflects trends in industrial output, investment, and regional economic conditions.
Q: Are there update delays or limitations?
A: There may be a delay of several months between the end of the reference period and the release of the data.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Chemical Manufacturing (325) in Rhode Island (RICHEMMANRGSP), retrieved from FRED.