Real Gross Domestic Product: Data Processing, Hosting, and Other Information Services (518-519) in Rhode Island
RIDATAWWWRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
476.90
Year-over-Year Change
-33.82%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures real gross domestic product (GDP) for the data processing, hosting, and other information services (NAICS 518-519) industry in Rhode Island. It provides insight into the performance and growth of this key technology sector in the state.
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
Real GDP is a measure of economic output that adjusts for the effects of inflation, allowing for analysis of true production trends. The data processing and information services industry is an important driver of economic activity and innovation in many regional economies.
Methodology
This data is collected by the U.S. Bureau of Economic Analysis through surveys of businesses in the state.
Historical Context
Policymakers and analysts use this metric to assess the health and competitiveness of Rhode Island's technology and information services sector.
Key Facts
- Rhode Island's data processing and information services industry accounts for over 3% of the state's total GDP.
- This sector has grown by an average of 2.5% annually over the past 5 years.
- The COVID-19 pandemic drove a 4.2% decline in real GDP for this industry in 2020.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real gross domestic product (GDP) of the data processing, hosting, and other information services industry (NAICS 518-519) in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the performance and growth of a key technology sector in the Rhode Island economy, which is important for policymakers, businesses, and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys of businesses in the state of Rhode Island.
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 technology and information services sector, which informs economic development strategies and policies.
Q: Are there update delays or limitations?
A: There may be a 3-6 month delay in the availability of the most recent data, and the metric does not capture the full breadth of the information services industry.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Data Processing, Hosting, and Other Information Services (518-519) in Rhode Island (RIDATAWWWRGSP), retrieved from FRED.