Real Gross Domestic Product: Accommodation and Food Services (72) in Rhode Island
RIACCFDRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,560.20
Year-over-Year Change
21.31%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) of the accommodation and food services sector in Rhode Island. It provides insights into the performance and growth of this key industry within the state's economy.
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
Real GDP is a measure of economic output that adjusts for the effects of inflation, allowing for more accurate comparisons over time. The accommodation and food services sector is a vital component of Rhode Island's economy, encompassing hotels, restaurants, and other hospitality-related businesses.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and analysts use this trend to monitor the health and development of Rhode Island's tourism and hospitality industry.
Key Facts
- Rhode Island's accommodation and food services sector accounts for over 10% of the state's total GDP.
- This trend has shown steady growth in recent years, indicating the resilience of Rhode Island's tourism industry.
- The COVID-19 pandemic had a significant impact on this sector, causing a sharp decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the accommodation and food services sector 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 growth of a key industry within Rhode Island's economy, which is crucial for policymakers and businesses to monitor.
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 analysts use this trend to monitor the health and development of Rhode Island's tourism and hospitality industry, which is essential for the state's economic growth and employment.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates by the U.S. Bureau of Economic Analysis, and there may be a slight delay in the availability of the most recent figures.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Accommodation and Food Services (72) in Rhode Island (RIACCFDRGSP), retrieved from FRED.