Chain-Type Quantity Index for Real GDP: Oil and Gas Extraction (211) in Rhode Island
RIOILGASQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.00
Year-over-Year Change
-100.00%
Date Range
1/1/1997 - 1/1/2021
Summary
The Chain-Type Quantity Index for Real GDP: Oil and Gas Extraction (211) in Rhode Island measures the real output volume of the oil and gas extraction industry in the state. This trend is a key indicator of economic activity and productivity in the energy 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
This index tracks the quantity of goods and services produced by the oil and gas extraction industry in Rhode Island, adjusted for inflation. It is used by economists and policymakers to assess the health and growth of this crucial energy industry within the state's economy.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis as part of its GDP-by-industry accounts.
Historical Context
Trends in this index can inform state-level energy and economic policies.
Key Facts
- Rhode Island's oil and gas extraction industry accounts for less than 1% of the state's GDP.
- This index is benchmarked to 2012 as the base year.
- The data is released quarterly with a 2-month lag.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted output volume of the oil and gas extraction industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This index provides insight into the productivity and economic contribution of Rhode Island's energy sector, which can inform industry analysis and state-level policy decisions.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis as part of its GDP-by-industry accounts.
Q: How is this trend used in economic policy?
A: Trends in this index can help policymakers and analysts assess the health and growth of Rhode Island's oil and gas extraction industry, which may influence state-level energy and economic policies.
Q: Are there update delays or limitations?
A: The data is released quarterly with a 2-month lag, and the index is benchmarked to 2012 as the base year.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Oil and Gas Extraction (211) in Rhode Island (RIOILGASQGSP), retrieved from FRED.