Gross Domestic Product: Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523) in Rhode Island
RISECCOMINVNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
998.20
Year-over-Year Change
44.69%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the Gross Domestic Product (GDP) for the securities, commodity contracts, and other financial investments and related activities (NAICS 523) industry in Rhode Island. It provides insight into the economic importance of the financial services 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 RISECCOMINVNGSP series represents the total economic output or value-added for businesses in the financial investments and related activities industry in Rhode Island. This data is used by economists and policymakers to analyze the relative size and performance of the state's financial services industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP estimates.
Historical Context
This metric is relevant for understanding the role of financial services in Rhode Island's economy and informing economic development policies.
Key Facts
- Rhode Island's financial services GDP was $3.8 billion in 2021.
- The financial activities sector accounts for 6.5% of Rhode Island's total GDP.
- This industry has seen 3.2% annual growth in Rhode Island over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) for the securities, commodity contracts, and other financial investments and related activities (NAICS 523) industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the economic importance of the financial services sector in Rhode Island, which is crucial for understanding the state's overall economic composition and performance.
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 their state-level GDP estimates.
Q: How is this trend used in economic policy?
A: This metric is relevant for understanding the role of financial services in Rhode Island's economy and informing economic development policies in the state.
Q: Are there update delays or limitations?
A: The data is published annually with a lag of several months, so there may be a delay in accessing the most recent information.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Securities, Commodity Contracts, and Other Financial Investments and Related Activities (523) in Rhode Island (RISECCOMINVNGSP), retrieved from FRED.