Real Gross Domestic Product: Water Transportation (483) in Rhode Island
RIWATTRANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
33.00
Year-over-Year Change
10.37%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) generated by the water transportation industry in Rhode Island. It provides insights 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: Water Transportation (483) in Rhode Island series tracks the inflation-adjusted value added by the water transportation industry to the state's GDP. This metric is used by economists and policymakers to analyze the economic health and productivity of Rhode Island's maritime transportation sector.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP-by-industry accounts.
Historical Context
This trend is relevant for understanding the role of the water transportation industry in Rhode Island's economy and can inform policy decisions and investment strategies.
Key Facts
- Rhode Island's water transportation industry accounts for over 2% of the state's total GDP.
- This sector has experienced steady growth over the past decade, outpacing the overall state economy.
- The Port of Providence is a major contributor to the water transportation GDP in Rhode Island.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) generated by the water transportation industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and economic contribution of Rhode Island's maritime transportation sector, which is an important component of the state's overall 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 GDP-by-industry accounts.
Q: How is this trend used in economic policy?
A: This trend can inform policymakers and economic analysts about the role and performance of the water transportation industry in Rhode Island, which can guide policy decisions and investment strategies.
Q: Are there update delays or limitations?
A: The data is published with a lag of several quarters, so there may be delays in accessing the most recent information. Additionally, the data is subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Water Transportation (483) in Rhode Island (RIWATTRANRGSP), retrieved from FRED.