Gross Domestic Product: Trade (42, 44-45) in Rhode Island
RITRADENGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
9,719.10
Year-over-Year Change
64.79%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the gross domestic product (GDP) contribution of the trade (wholesale and retail) sector in Rhode Island. It provides insights into the state's economic activity and performance.
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 RITRADENGSP series tracks the GDP generated by the trade industry, which includes wholesale and retail trade, in the state of Rhode Island. This metric is used by economists and policymakers to analyze the health and dynamics of Rhode Island's economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their regional GDP estimates.
Historical Context
This trade GDP trend is relevant for understanding Rhode Island's economic composition and evaluating the performance of its key industries.
Key Facts
- Rhode Island's trade sector accounts for a significant portion of its overall GDP.
- The trade GDP trend provides insight into consumer spending and business activity in the state.
- Policymakers use this data to inform economic development strategies and support the trade industry.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the trade sector, including wholesale and retail trade, in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and health of Rhode Island's economy, as the trade sector is a key component of the state's economic activity.
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 regional GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers use this trade GDP trend to inform economic development strategies and support the trade industry in Rhode Island.
Q: Are there update delays or limitations?
A: There may be some delays in the data updates, as the regional GDP estimates are released on a periodic basis by the Bureau of Economic Analysis.
Related Trends
Total Carbon Dioxide Emissions From All Sectors, Natural Gas for Rhode Island
EMISSCO2TOTVTTNGRIA
Total Wages and Salaries in Rhode Island
RIWTOT
Implicit Regional Price Deflator: Nonmetropolitan Portion for Rhode Island
RINMPIRPD
Gross Domestic Product: Transit and Ground Passenger Transportation (485) in Rhode Island
RITRANGRNDTRANNGSP
Value of Exports to Canada from Rhode Island
RICANA052SCEN
All Employees: Professional and Business Services: Management of Companies and Enterprises in Rhode Island
SMS44000006055000001
Citation
U.S. Federal Reserve, Gross Domestic Product: Trade (42, 44-45) in Rhode Island (RITRADENGSP), retrieved from FRED.