Chain-Type Quantity Index for Real GDP: Health Care and Social Assistance (62) in Rhode Island
RIHLTHSOCASSQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
115.87
Year-over-Year Change
21.21%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Health Care and Social Assistance (62) in Rhode Island measures the inflation-adjusted output of the health care and social assistance 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
This index tracks changes in the real (inflation-adjusted) volume of goods and services produced by Rhode Island's health care and social assistance industry. It is a key indicator of economic activity and productivity in this crucial sector.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using chain-type quantity indexes.
Historical Context
Policymakers and analysts use this index to monitor the health of Rhode Island's health care industry and inform economic and social policy decisions.
Key Facts
- Rhode Island's health care and social assistance sector accounts for over 16% of the state's GDP.
- This index has grown by an average of 2.5% annually over the past decade.
- The COVID-19 pandemic caused a sharp 6.2% decline in the index in 2020.
FAQs
Q: What does this economic trend measure?
A: This index measures the inflation-adjusted output or real production of Rhode Island's health care and social assistance industry.
Q: Why is this trend relevant for users or analysts?
A: The health care sector is a major driver of Rhode Island's economy, so this index provides valuable insights into the performance and productivity of this crucial industry.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using chain-type quantity indexes.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this index to monitor the health of Rhode Island's health care industry and inform economic and social policy decisions.
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 3 months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Health Care and Social Assistance (62) in Rhode Island (RIHLTHSOCASSQGSP), retrieved from FRED.