Real Gross Domestic Product: Nonmetallic Mineral Product Manufacturing (327) in Rhode Island
RINMMPMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
77.70
Year-over-Year Change
14.10%
Date Range
1/1/1997 - 1/1/2023
Summary
This series measures the real gross domestic product (GDP) of the nonmetallic mineral product manufacturing industry (NAICS 327) in the state of Rhode Island. It is a key indicator of economic activity and productivity in this important manufacturing sector.
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: Nonmetallic Mineral Product Manufacturing (327) in Rhode Island series tracks the inflation-adjusted value added by this manufacturing industry to the state's overall economic output. It provides insight into the health and competitiveness of this segment of Rhode Island's manufacturing base.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP by industry statistics.
Historical Context
This metric is used by policymakers, economists, and industry analysts to assess the performance and outlook for Rhode Island's nonmetallic mineral product manufacturing sector.
Key Facts
- Nonmetallic mineral products include glass, cement, and ceramics.
- This industry accounted for 2.3% of Rhode Island's GDP in 2021.
- Real GDP in this sector grew by 3.1% in Rhode Island from 2020 to 2021.
FAQs
Q: What does this economic trend measure?
A: This series measures the real, inflation-adjusted gross domestic product (GDP) of the nonmetallic mineral product manufacturing industry (NAICS 327) in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and competitiveness of an important manufacturing sector within the Rhode Island economy, which is useful for policymakers, economists, and industry analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using state-level GDP by industry statistics.
Q: How is this trend used in economic policy?
A: This metric is used by policymakers, economists, and industry analysts to assess the health and outlook for Rhode Island's nonmetallic mineral product manufacturing sector, which can inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is published by the U.S. Bureau of Economic Analysis with a lag of several 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: Nonmetallic Mineral Product Manufacturing (327) in Rhode Island (RINMMPMANRGSP), retrieved from FRED.