Real Gross Domestic Product: Nondurable Goods Manufacturing (311-316, 322-326) in Rhode Island
RINDURMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,547.40
Year-over-Year Change
6.32%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the real gross domestic product (GDP) of the nondurable goods manufacturing sector in Rhode Island. It provides insight into the economic performance and productivity of a key industry 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
The Real Gross Domestic Product: Nondurable Goods Manufacturing (311-316, 322-326) in Rhode Island series tracks the inflation-adjusted value added by nondurable goods manufacturers in the state. It is a crucial indicator of industrial activity and competitiveness.
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 assess the health and competitiveness of Rhode Island's manufacturing sector.
Key Facts
- Rhode Island's nondurable goods manufacturing sector accounts for about 5% of the state's GDP.
- This metric has shown modest growth over the past decade, indicating gradual improvement in the industry.
- Nondurable goods manufacturing includes industries like food, apparel, and paper production.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) of the nondurable goods manufacturing sector 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 competitiveness of a key industry in Rhode Island's economy, which can inform policymaking and business decisions.
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 assess the health and competitiveness of Rhode Island's manufacturing sector, which can inform economic development strategies and policies.
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, Real Gross Domestic Product: Nondurable Goods Manufacturing (311-316, 322-326) in Rhode Island (RINDURMANRGSP), retrieved from FRED.