Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Rhode Island
RIMINRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
69.90
Year-over-Year Change
326.22%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the mining, quarrying, and oil and gas extraction sector in Rhode Island. It provides insights into the performance and contribution of this industry 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
The Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Rhode Island series tracks the inflation-adjusted output of this specific industry within the state. It is used by economists and policymakers to analyze the productivity and growth trends in this sector, which is an important component of Rhode Island's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This economic trend is relevant for understanding the broader performance of Rhode Island's economy and guiding policy decisions related to the state's natural resource industries.
Key Facts
- Mining, quarrying, and oil and gas extraction account for approximately 1% of Rhode Island's GDP.
- This sector's real GDP has seen modest growth in recent years, indicating its continued importance to the state's economy.
- The trend data is released quarterly by the U.S. Bureau of Economic Analysis.
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 sector in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and contribution of Rhode Island's natural resource industries to the state's overall economic activity, which is valuable information for economists, policymakers, and market 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 principles.
Q: How is this trend used in economic policy?
A: This trend is used by policymakers and economists to understand the broader performance of Rhode Island's economy and to guide decisions related to the state's natural resource industries.
Q: Are there update delays or limitations?
A: The trend data is released quarterly by the U.S. Bureau of Economic Analysis, and there may be minor delays in the availability of the most recent data.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Mining, Quarrying, and Oil and Gas Extraction (21) in Rhode Island (RIMINRGSP), retrieved from FRED.