Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Rhode Island
RIPROSCITCHNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,580.40
Year-over-Year Change
93.35%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) contribution of the professional, scientific, and technical services industry in Rhode Island. It provides insight into the performance and economic significance of this key sector.
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 RIPROSCITCHNGSP series represents the real GDP, adjusted for inflation, generated by the professional, scientific, and technical services industry in Rhode Island. This data is used by economists and policymakers to analyze the state's economic structure, productivity, and growth trends in this crucial services sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Historical Context
Tracking this industry's GDP contribution helps inform economic and workforce development policies in Rhode Island.
Key Facts
- Rhode Island's professional services GDP was $8.9 billion in 2021.
- This sector accounts for over 12% of the state's total economic output.
- The professional services industry has seen steady growth in Rhode Island in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) contribution of the professional, scientific, and technical services industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: Tracking the GDP of the professional services sector provides important insights into Rhode Island's economic structure, productivity, and growth trends in this key industry.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Q: How is this trend used in economic policy?
A: Monitoring this industry's GDP contribution helps inform economic and workforce development policies in Rhode Island.
Q: Are there update delays or limitations?
A: The data is subject to the release schedule and revision practices of the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Rhode Island (RIPROSCITCHNGSP), retrieved from FRED.