Real Gross Domestic Product: Motion Picture and Sound Recording Industries (512) in Rhode Island
RIMOTPICSNDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
107.90
Year-over-Year Change
51.12%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures real gross domestic product (GDP) for the motion picture and sound recording industries (NAICS 512) in the state of Rhode Island. It provides important insights into the performance and growth of this key creative sector within the state's economy.
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: Motion Picture and Sound Recording Industries (512) in Rhode Island series tracks the inflation-adjusted economic output of this industry group, which includes businesses producing and distributing motion pictures, videos, television programs, and recorded music. It is a useful indicator of the vitality and competitiveness of Rhode Island's creative economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
This trend is closely monitored by state policymakers and economic development officials to gauge the health and expansion of Rhode Island's arts, entertainment, and media sectors.
Key Facts
- Rhode Island's motion picture and sound recording industries account for over 3% of the state's total GDP.
- This sector has seen steady growth of around 2% annually over the past decade.
- The COVID-19 pandemic caused a 10% decline in real GDP for this industry in Rhode Island in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) for the motion picture and sound recording industries (NAICS 512) in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the performance and growth of Rhode Island's creative economy, which is a key driver of economic activity and employment in the state.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Q: How is this trend used in economic policy?
A: State policymakers and economic development officials closely monitor this trend to gauge the health and expansion of Rhode Island's arts, entertainment, and media sectors, which are important for the state's economic competitiveness.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 3 months, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Motion Picture and Sound Recording Industries (512) in Rhode Island (RIMOTPICSNDRGSP), retrieved from FRED.