Real Gross Domestic Product: Finance and Insurance (52) in Rhode Island
RIFININSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,929.00
Year-over-Year Change
6.54%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the real gross domestic product (GDP) for the finance and insurance industry in Rhode Island. It provides insight into the economic output and performance of this key 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
The real GDP for the finance and insurance industry in Rhode Island is a measure of the total inflation-adjusted economic output of this sector. It is used by economists and policymakers to analyze the health and growth of this important industry within the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a range of economic indicators and surveys.
Historical Context
Trends in Rhode Island's finance and insurance GDP are closely watched by market analysts and state officials for their implications on employment, investment, and overall economic conditions.
Key Facts
- Rhode Island's finance and insurance GDP accounts for over 10% of the state's total economic output.
- This sector has seen steady growth in recent years, outpacing the overall state economy.
- The finance and insurance industry is a major employer in Rhode Island, accounting for over 30,000 jobs.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) for the finance and insurance industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: The finance and insurance sector is a critical component of Rhode Island's economy, so tracking its GDP growth is important for understanding the state's overall economic performance and conditions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a range of economic indicators and surveys.
Q: How is this trend used in economic policy?
A: Trends in Rhode Island's finance and insurance GDP are closely watched by market analysts and state officials for their implications on employment, investment, and overall economic conditions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a short lag, providing timely insights into the sector's performance.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Finance and Insurance (52) in Rhode Island (RIFININSRGSP), retrieved from FRED.