Real Gross Domestic Product: Oil and Gas Extraction (211) in Rhode Island
RIOILGASRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.00
Year-over-Year Change
N/A%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Oil and Gas Extraction (211) in Rhode Island measures the inflation-adjusted economic output of the oil and gas extraction industry in the state. It is a key indicator of the health and productivity of this vital 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 economic trend tracks the real (inflation-adjusted) value added by the oil and gas extraction industry to Rhode Island's overall gross domestic product. It provides insight into the performance and contribution of this industry to the state's economy.
Methodology
The data is calculated based on Bureau of Economic Analysis estimates of industry-level GDP.
Historical Context
Policymakers and industry analysts use this metric to assess the economic significance of the oil and gas sector in Rhode Island and inform related policy decisions.
Key Facts
- Rhode Island's oil and gas extraction industry accounts for a small but important share of the state's overall GDP.
- This metric has shown modest growth in recent years, reflecting the industry's economic contribution.
- The data is released quarterly by the Bureau of Economic Analysis.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product contribution 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 metric provides insight into the economic significance and performance of the oil and gas sector in Rhode Island, which is useful for policymakers and industry stakeholders.
Q: How is this data collected or calculated?
A: The data is calculated by the Bureau of Economic Analysis based on their estimates of industry-level GDP.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the contribution of the oil and gas industry to Rhode Island's economy and inform related policy decisions.
Q: Are there update delays or limitations?
A: The data is released quarterly by the Bureau of Economic Analysis, so there may be a short delay in the most recent figures.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Oil and Gas Extraction (211) in Rhode Island (RIOILGASRGSP), retrieved from FRED.