Gross Domestic Product: Educational Services (61) in Rhode Island
RIEDCATNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,460.90
Year-over-Year Change
46.51%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Gross Domestic Product: Educational Services (61) in Rhode Island' series measures the economic output of the educational services industry in Rhode Island. This data point is important for understanding the size and growth of this key sector within the state'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 series tracks the real, inflation-adjusted gross domestic product (GDP) for the educational services industry, which includes establishments that provide instruction and training in a wide variety of subjects. It is a valuable indicator of the economic health and productivity of this important component of Rhode Island's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and analysts use this metric to gauge the performance and contribution of Rhode Island's educational services industry to the overall state economy.
Key Facts
- Rhode Island's educational services GDP was $2.6 billion in 2021.
- The educational services sector accounts for 3.3% of Rhode Island's total GDP.
- This industry has seen 2.5% average annual growth over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real, inflation-adjusted gross domestic product (GDP) generated by the educational services industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This data point is valuable for understanding the size, growth, and economic importance of Rhode Island's educational services sector, which is a key component of the state's overall economy.
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: Policymakers and analysts use this metric to gauge the performance and contribution of Rhode Island's educational services industry to the overall state economy, informing policy decisions and economic development strategies.
Q: Are there update delays or limitations?
A: The data is typically published with a 2-3 month delay and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Educational Services (61) in Rhode Island (RIEDCATNGSP), retrieved from FRED.