Gross Domestic Product: Professional and Business Services (54, 55, 56) in Rhode Island
RIPROBUSNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
10,457.50
Year-over-Year Change
76.28%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) of professional and business services in Rhode Island, including legal, accounting, and management services. It provides insights into the performance and growth of this critical sector 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 Gross Domestic Product: Professional and Business Services (54, 55, 56) in Rhode Island series tracks the total economic output generated by professional, scientific, and technical services; management of companies and enterprises; and administrative and support services in the state. This metric is used by economists and policymakers to analyze the health and competitiveness of Rhode Island's business services industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
This trend is relevant for understanding the broader economic conditions and growth drivers in Rhode Island, as the professional and business services sector is a major contributor to the state's GDP.
Key Facts
- Professional and business services account for over 15% of Rhode Island's GDP.
- This sector has experienced steady growth of around 3% annually in recent years.
- Legal and accounting services make up the largest subsectors within Rhode Island's professional services industry.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the professional and business services sector in Rhode Island, including legal, accounting, and management services.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the performance and growth of a critical sector of Rhode Island's economy, which is important for understanding the state's overall economic conditions 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 industry-level GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is relevant for policymakers and economists analyzing the health and growth of Rhode Island's business services industry, which is a major contributor to the state's GDP.
Q: Are there update delays or limitations?
A: The data is subject to the release schedule and revisions of the U.S. Bureau of Economic Analysis, which may result in occasional update delays or minor historical revisions.
Related Trends
Chain-Type Quantity Index for Real GDP: Motion Picture and Sound Recording Industries (512) in Rhode Island
RIMOTPICSNDQGSP
All Employees: Construction: Specialty Trade Contractors in Rhode Island
SMU44000002023800001A
Deposits in State Commercial Member Banks in Rhode Island
X08TDCBMBSRI
State Government Tax Collections, Death and Gift Taxes in Rhode Island
RIDTHGFTAX
Gross Domestic Product: Data Processing, Hosting, and Other Information Services (518-519) in Rhode Island
RIDATAWWWNGSP
Regional Price Parities: Services: Housing for Rhode Island
RIRPPSERVERENT
Citation
U.S. Federal Reserve, Gross Domestic Product: Professional and Business Services (54, 55, 56) in Rhode Island (RIPROBUSNGSP), retrieved from FRED.