Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in Rhode Island
RIFRSTFISHNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
82.60
Year-over-Year Change
21.11%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the forestry, fishing, and related activities sector in Rhode Island. It provides insight into the performance and contribution of this important industry 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
The RIFRSTFISHNGSP series tracks the total output, or GDP, generated by businesses and organizations involved in forestry, fishing, and related activities in Rhode Island. This data point is a key indicator of the economic health and productivity of this specific industry sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting procedures.
Historical Context
Policymakers and analysts use this metric to assess the role of natural resource-based industries in Rhode Island's overall economic landscape.
Key Facts
- Rhode Island's forestry, fishing, and related activities sector contributed $304 million to state GDP in 2021.
- This industry represents approximately 1.2% of Rhode Island's total economic output.
- The sector has seen steady growth, increasing by 9.4% from 2020 to 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total gross domestic product (GDP) generated by businesses and organizations involved in forestry, fishing, and related activities in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the economic performance and contribution of a key natural resource-based industry sector within Rhode Island's overall economy, which is valuable information for policymakers, investors, and economic analysts.
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 income and product accounting procedures.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the role of the forestry, fishing, and related activities sector in Rhode Island's overall economic landscape and to inform policy decisions related to natural resource management and economic development.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a lag of approximately three months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Forestry, Fishing, and Related Activities (113-115) in Rhode Island (RIFRSTFISHNGSP), retrieved from FRED.