Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Rhode Island
Quarterly, Seasonally Adjusted Annual Rate
RIMINNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
84.70
Year-over-Year Change
108.62%
Date Range
1/1/2005 - 10/1/2022
Summary
The 'Quarterly, Seasonally Adjusted Annual Rate' metric measures the quarterly change in real gross state product, adjusted for seasonal variations. This key economic indicator provides insights into a state's overall economic performance and growth trajectory.
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 metric represents the annualized percent change in real gross state product (GSP), which is the state-level equivalent of the national gross domestic product (GDP). It is a widely followed indicator of economic health and productivity for state economies.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and analysts use this metric to evaluate a state's economic conditions and make informed decisions about fiscal, monetary, and development policies.
Key Facts
- Measures annualized percent change in real gross state product.
- Provides insights into a state's overall economic growth and productivity.
- Used by policymakers to evaluate economic conditions and guide policy decisions.
FAQs
Q: What does this economic trend measure?
A: This metric measures the annualized percent change in real gross state product (GSP), which represents the total economic output of a state adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: This indicator is widely used by policymakers, economists, and analysts to assess a state's overall economic performance and make informed decisions about fiscal, monetary, and development policies.
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 principles.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to evaluate a state's economic conditions and make informed decisions about fiscal, monetary, and development policies that can promote economic growth and prosperity.
Q: Are there update delays or limitations?
A: The data is released on a quarterly basis, so there may be a short delay in the most recent information being available.
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Citation
U.S. Bureau of Economic Analysis, Quarterly, Seasonally Adjusted Annual Rate (RIMINNQGSP), retrieved from FRED.