Real Gross Domestic Product: Educational Services (61) in Rhode Island
RIEDCATRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,993.30
Year-over-Year Change
2.04%
Date Range
1/1/2005 - 1/1/2025
Summary
The 'Real Gross Domestic Product: Educational Services (61) in Rhode Island' metric tracks the inflation-adjusted economic output of the educational services industry in Rhode Island. This trend is a key indicator of the state's education sector performance and overall economic health.
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 represents the real (inflation-adjusted) value added by the educational services industry, including public and private schools, colleges, universities, and training centers, to the total gross domestic product of Rhode Island. It is an important measure of productivity and growth in this crucial economic sector.
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 assess the contribution of the education industry to Rhode Island's economy and make informed decisions about investments and policies.
Key Facts
- Rhode Island's educational services industry accounts for over 5% of the state's total GDP.
- This metric has grown by an average of 2.3% annually over the past decade.
- The COVID-19 pandemic caused a 4.1% decline in real educational services GDP in Rhode Island in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product contributed by the educational services industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric is an important indicator of the performance and productivity of Rhode Island's education sector, which is a crucial component of the state's overall economic health and growth.
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 assess the contribution of the education industry to Rhode Island's economy and make informed decisions about investments and policies in this sector.
Q: Are there update delays or limitations?
A: There may be a several-month delay in the release of this data, and the metric may not capture all aspects of the educational services industry in Rhode Island.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Educational Services (61) in Rhode Island (RIEDCATRQGSP), retrieved from FRED.