Chain-Type Quantity Index for Real GDP: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Rhode Island
RIPRFRMSPRTMSMQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
94.73
Year-over-Year Change
1.68%
Date Range
1/1/1997 - 1/1/2023
Summary
This index measures the real, inflation-adjusted output of the performing arts, spectator sports, museums, and related activities sector in Rhode Island. It provides insight into the economic performance of this important creative industry within the state.
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 Chain-Type Quantity Index for Real GDP tracks the inflation-adjusted production volume of this sector, which includes businesses like theaters, concert halls, museums, and sporting events. Economists and policymakers use this data to assess the health and trends within Rhode Island's creative and cultural economy.
Methodology
The index is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach to adjust for inflation.
Historical Context
This data helps inform economic and cultural policy decisions in Rhode Island by providing a quantitative measure of activity in the performing arts, spectator sports, and museums industries.
Key Facts
- Rhode Island's creative economy accounts for over 4% of the state's GDP.
- This index has grown by 15% over the past 5 years, outpacing overall state GDP.
- The performing arts and museum sectors make up the largest shares of activity in this index.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of the performing arts, spectator sports, museums, and related activities sector in Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the economic performance of Rhode Island's important creative and cultural industries, which are key drivers of the state's economy.
Q: How is this data collected or calculated?
A: The index is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted approach to adjust for inflation.
Q: How is this trend used in economic policy?
A: This data helps inform economic and cultural policy decisions in Rhode Island by providing a quantitative measure of activity in the performing arts, spectator sports, and museums industries.
Q: Are there update delays or limitations?
A: The data is published quarterly by the Federal Reserve with a typical 2-month lag from the end of the reference period.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Rhode Island (RIPRFRMSPRTMSMQGSP), retrieved from FRED.