Gross Domestic Product: Private Goods-Producing Industries in Rhode Island
RIPRIGOODPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
9,091.00
Year-over-Year Change
49.29%
Date Range
1/1/1997 - 1/1/2024
Summary
The Gross Domestic Product: Private Goods-Producing Industries in Rhode Island tracks the economic output of Rhode Island's private sector manufacturing, mining, and construction industries. This metric is a key indicator of the state's overall economic health and competitiveness.
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 Gross Domestic Product: Private Goods-Producing Industries in Rhode Island measures the total value added by the state's private sector industries that manufacture physical products or extract raw materials. This data provides insight into the productivity and growth trends within Rhode Island's core goods-producing economic sectors.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using surveys and economic modeling.
Historical Context
This economic indicator is closely monitored by policymakers, investors, and economic analysts to assess Rhode Island's economic performance and competitiveness.
Key Facts
- Rhode Island's private goods-producing GDP was $10.7 billion in 2021.
- This sector accounts for 18% of the state's total economic output.
- Goods-producing GDP declined by 3.2% in Rhode Island during the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Private Goods-Producing Industries in Rhode Island measures the total economic output of the state's private sector manufacturing, mining, and construction industries.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides valuable insights into the productivity and growth trends within Rhode Island's core goods-producing economic sectors, which are crucial drivers of the state's overall economic performance and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using surveys and economic modeling.
Q: How is this trend used in economic policy?
A: This economic indicator is closely monitored by policymakers, investors, and economic analysts to assess Rhode Island's economic performance and competitiveness.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of several months, so there may be a delay in capturing the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Private Goods-Producing Industries in Rhode Island (RIPRIGOODPRONGSP), retrieved from FRED.