Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Rhode Island
RIMINNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
108.70
Year-over-Year Change
457.44%
Date Range
1/1/1997 - 1/1/2023
Summary
The 'Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Rhode Island' series measures the economic output of the mining, quarrying, and oil and gas extraction sector in Rhode Island. This data provides insights into a key industry's contribution to the state's overall economic activity.
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 gross domestic product (GDP) for the mining, quarrying, and oil and gas extraction industry (NAICS code 21) in the state of Rhode Island. The data is useful for analyzing the relative size and performance of this sector within Rhode Island's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their regional GDP by industry statistics.
Historical Context
Policymakers and industry analysts use this data to understand economic trends and make informed decisions.
Key Facts
- Rhode Island's mining, quarrying, and oil and gas extraction sector accounted for 0.7% of the state's GDP in 2021.
- This industry's GDP in Rhode Island has increased by 11.5% over the past 5 years.
- The mining, quarrying, and oil and gas extraction industry is a relatively small but important part of Rhode Island's economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the mining, quarrying, and oil and gas extraction industry (NAICS code 21) in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the size and performance of a key industry within Rhode Island's economy, which is useful for policymakers, industry analysts, and researchers.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of their regional GDP by industry statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this data to understand economic trends and make informed decisions about supporting or regulating the mining, quarrying, and oil and gas extraction industry in Rhode Island.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Rhode Island (RIMINNGSP), retrieved from FRED.