Real Gross Domestic Product: Social Assistance (624) in Rhode Island
RISOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
514.10
Year-over-Year Change
16.13%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures real gross domestic product (GDP) for the social assistance industry in Rhode Island. It provides insight into the performance and contribution of this sector to the state's overall economic activity.
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: Social Assistance (624) in Rhode Island series tracks the inflation-adjusted value added by the social assistance industry, which includes organizations providing individual and family services, community food and housing, and emergency and other relief services.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This metric is useful for policymakers, economists, and industry analysts to assess the economic health and trends within Rhode Island's social assistance sector.
Key Facts
- Social assistance accounts for around 2% of Rhode Island's total GDP.
- The social assistance sector grew by 3.2% in Rhode Island last year.
- Rhode Island's social assistance GDP per capita is 12% above the national average.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) of the social assistance 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 performance and contribution of the social assistance sector in Rhode Island, which is useful for policymakers, industry analysts, and economists assessing the state's overall economic health and trends.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and economists can use this metric to evaluate the social assistance industry's role in Rhode Island's economy and inform policy decisions related to funding, regulation, and economic development in this sector.
Q: Are there update delays or limitations?
A: There may be a lag of several months between the end of a reporting period and the release of the latest data for this metric.
Related Trends
Real Gross Domestic Product: Food Services and Drinking Places (722) in Rhode Island
RIFOODDPRGSP
Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Rhode Island
RIARTENTRECNGSP
Chain-Type Quantity Index for Real GDP: Professional, Scientific, and Technical Services (54) in Rhode Island
RIPROBUSQQGSP
Gross Domestic Product: Wood Product Manufacturing (321) in Rhode Island
RIWPMANNGSP
90% Confidence Interval Upper Bound of Estimate of Percent of Related Children Age 5-17 in Families in Poverty for Rhode Island
PPCIUB5T17RI44000A156NCEN
Residential Carbon Dioxide Emissions, Kerosene for Rhode Island
EMISSCO2VKSRCBRIA
Citation
U.S. Federal Reserve, Real Gross Domestic Product: Social Assistance (624) in Rhode Island (RISOCASSRGSP), retrieved from FRED.