Real Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Rhode Island
RIPRFRMSPRTMSMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
265.30
Year-over-Year Change
1.65%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the performing arts, spectator sports, museums, and related activities (NAICS sectors 711-712) in the state of Rhode Island. It is a key indicator of the economic health and productivity of this important cultural and entertainment sector in 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 Real Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Rhode Island metric tracks the inflation-adjusted economic output of these industries within the state. It is a valuable gauge for policymakers and industry analysts to assess the broader trends and performance of Rhode Island's creative and recreational economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Historical Context
This economic trend data informs decisions around policies, investments, and resource allocation related to arts, culture, and tourism in Rhode Island.
Key Facts
- Rhode Island's performing arts, sports, and museum sectors contributed over $500 million to the state's GDP in 2021.
- This industry group accounts for approximately 1.5% of Rhode Island's total economic output.
- The sector saw a 15% decline in real GDP during the COVID-19 pandemic before rebounding in 2021.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the performing arts, spectator sports, museums, and related activities sectors in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insight into the economic health and productivity of Rhode Island's arts, culture, and entertainment industries, which are important contributors to the state's economy and quality of life.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Q: How is this trend used in economic policy?
A: This economic trend data informs decisions around policies, investments, and resource allocation related to arts, culture, and tourism in Rhode Island.
Q: Are there update delays or limitations?
A: The data is published on a quarterly basis with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Performing Arts, Spectator Sports, Museums, and Related Activities (711-712) in Rhode Island (RIPRFRMSPRTMSMRGSP), retrieved from FRED.