Gross Domestic Product: All Industry Total in Rhode Island
RINGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
82,492.50
Year-over-Year Change
60.09%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: All Industry Total in Rhode Island measures the total economic output of all industries in the state. This metric is a key indicator of Rhode Island's economic health and growth.
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 Gross Domestic Product (GDP) is the total value of all goods and services produced within a geographic region over a specific time period. The All Industry Total GDP for Rhode Island provides a comprehensive measure of the state's economic activity and performance.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting standards.
Historical Context
Policymakers and analysts use Rhode Island's GDP to assess the state's economic conditions and guide policy decisions.
Key Facts
- Rhode Island's GDP totaled $63 billion in 2021.
- The state's GDP grew by 3.4% in 2021 after a 2.3% decline in 2020.
- The largest industry contributors to Rhode Island's GDP are healthcare, retail, and finance.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: All Industry Total in Rhode Island measures the total economic output of all industries located within the state.
Q: Why is this trend relevant for users or analysts?
A: Rhode Island's GDP is a key indicator of the state's overall economic health and performance, which is relevant for policymakers, businesses, and residents.
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 standards.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use Rhode Island's GDP data to assess the state's economic conditions and guide policy decisions related to taxation, spending, and economic development.
Q: Are there update delays or limitations?
A: The GDP data for Rhode Island is typically released on a quarterly basis with a lag of several months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: All Industry Total in Rhode Island (RINGSP), retrieved from FRED.