Chain-Type Quantity Index for Real GDP: Accommodation (721) in Rhode Island
RIACCOMDQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
168.97
Year-over-Year Change
48.70%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Accommodation (721) in Rhode Island measures the real economic output of the accommodation industry in the state. This metric is important for economists and policymakers to analyze trends in the tourism and hospitality sectors.
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
This index represents the real, inflation-adjusted value of goods and services produced by the accommodation industry in Rhode Island. It is a component of the state's overall real GDP and can provide insights into the health and performance of the tourism economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Historical Context
Analysts and policymakers use this metric to assess the economic conditions and outlook for Rhode Island's accommodation and tourism industries.
Key Facts
- Rhode Island's accommodation industry represents 2.3% of the state's total real GDP.
- The index has grown by an average of 3.2% annually over the past 10 years.
- Tourism is a key driver of Rhode Island's economy, generating over $6 billion in economic activity.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Accommodation (721) in Rhode Island measures the real, inflation-adjusted economic output of the state's accommodation industry.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the performance and health of Rhode Island's tourism and hospitality sectors, which are key drivers of the state's economy.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Q: How is this trend used in economic policy?
A: Analysts and policymakers use this metric to assess the economic conditions and outlook for Rhode Island's accommodation and tourism industries, which can inform policy decisions.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month lag between the end of the reference period and the data release.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Accommodation (721) in Rhode Island (RIACCOMDQGSP), retrieved from FRED.