Real Gross Domestic Product: Other Services (Except Government and Government Enterprises) (81) in Rhode Island
RIOTHSERVERGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,181.20
Year-over-Year Change
-2.62%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the other services sector, excluding government and government enterprises, in the state of Rhode Island. It provides important insights into the performance of a key component of the state's economy.
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 GDP of the other services sector reflects the economic output and growth of a diverse range of service-based industries in Rhode Island, such as personal services, repair and maintenance, and religious and civic organizations. This metric is widely used by economists and policymakers to analyze the state's economic structure and development.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of its state-level GDP estimates.
Historical Context
Tracking this trend can help inform policy decisions and business strategies related to the service industry in Rhode Island.
Key Facts
- Rhode Island's other services sector accounts for approximately 8% of the state's total GDP.
- This sector has experienced steady growth in recent years, outpacing the overall state economy.
- The other services industry in Rhode Island employs over 50,000 workers.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the other services sector, excluding government and government enterprises, in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: Tracking the real GDP of the other services sector provides important insights into the performance and growth of a key component of Rhode Island's economy, which can inform policy decisions and business strategies.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) as part of its state-level GDP estimates.
Q: How is this trend used in economic policy?
A: Monitoring the real GDP of the other services sector in Rhode Island can help policymakers and economists assess the state's economic structure and development, which can inform policy decisions related to the service industry.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically several months after the end of the reporting period, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Other Services (Except Government and Government Enterprises) (81) in Rhode Island (RIOTHSERVERGSP), retrieved from FRED.