Gross Domestic Product: State and Local in Rhode Island
RIGOVSLNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,644.50
Year-over-Year Change
43.14%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the Gross Domestic Product (GDP) generated by state and local governments in Rhode Island. It is an important indicator for policymakers and analysts to understand regional economic activity and fiscal conditions.
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 Gross Domestic Product: State and Local in Rhode Island metric represents the total economic output produced by the state and local government sectors within the state. This data provides insight into the role of public institutions in driving economic growth and development at a regional level.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Historical Context
This metric is frequently referenced by state and local policymakers to inform budgetary decisions and economic development initiatives.
Key Facts
- Rhode Island's state and local GDP was $12.4 billion in 2021.
- The public sector accounts for approximately 12% of Rhode Island's total economic output.
- State and local GDP growth in Rhode Island has outpaced the national average over the past decade.
FAQs
Q: What does this economic trend measure?
A: This metric measures the total Gross Domestic Product (GDP) generated by state and local government institutions within the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into the role of the public sector in driving regional economic activity and growth, which is crucial for policymakers 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 accounting frameworks.
Q: How is this trend used in economic policy?
A: State and local GDP data is frequently referenced by policymakers to inform budgetary decisions, economic development initiatives, and other policy interventions targeted at the regional level.
Q: Are there update delays or limitations?
A: The Gross Domestic Product: State and Local in Rhode Island data is typically released with a lag of several quarters, and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Gross Domestic Product: State and Local in Rhode Island (RIGOVSLNGSP), retrieved from FRED.