Real Gross Domestic Product: Private Services-Providing Industries in Rhode Island
RIPRISERVPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
49,884.00
Year-over-Year Change
19.57%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of private services-providing industries in the state of Rhode Island. It is a key indicator of the overall health and productivity of the state's service-based 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 Gross Domestic Product: Private Services-Providing Industries in Rhode Island trend provides a comprehensive measure of the economic output and growth of the private service sector in the state. It is used by economists and policymakers to analyze the performance and composition of Rhode Island's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Historical Context
This trend is an important input for assessing the business climate, consumer demand, and economic policy decisions in Rhode Island.
Key Facts
- Rhode Island's private services sector accounts for over 80% of its total GDP.
- The real GDP of Rhode Island's private services industries grew by 2.5% in 2021.
- Professional and business services are the largest component of Rhode Island's private services GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the private services-providing industries in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the performance and composition of Rhode Island's service-based economy, which is crucial for assessing the state's overall economic health and guiding policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the business climate, consumer demand, and guide economic policy decisions in Rhode Island.
Q: Are there update delays or limitations?
A: The data is typically published on a quarterly basis, with a delay of several months from the end of the reference period.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Services-Providing Industries in Rhode Island (RIPRISERVPRORGSP), retrieved from FRED.