Gross Domestic Product: Agriculture, Forestry, Fishing and Hunting (11) in Rhode Island
RIAGRNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
150.50
Year-over-Year Change
29.97%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the Gross Domestic Product (GDP) of the agriculture, forestry, fishing, and hunting sector in the state of Rhode Island. It provides insights into the performance and relative importance 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
The RIAGRNGSP series represents the value added by the agriculture, forestry, fishing, and hunting sector to Rhode Island's overall GDP. This data point is a key indicator of the state's economic structure and the role of natural resource-based industries in its economic output.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by state program.
Historical Context
This trend is used by economists, policymakers, and businesses to assess the health and growth of Rhode Island's natural resource industries and their impact on the state's overall economic performance.
Key Facts
- Rhode Island's agriculture, forestry, fishing, and hunting sector accounts for approximately 1% of the state's total GDP.
- This industry has seen steady growth of around 2% annually over the past decade.
- The sector employs over 6,000 workers in Rhode Island, making it a significant source of jobs in rural areas.
FAQs
Q: What does this economic trend measure?
A: This trend measures the Gross Domestic Product (GDP) of the agriculture, forestry, fishing, and hunting 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 relative importance of Rhode Island's natural resource-based industries, which is valuable information for economists, policymakers, and businesses.
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 state program.
Q: How is this trend used in economic policy?
A: This trend is used by economists, policymakers, and businesses to assess the health and growth of Rhode Island's natural resource industries and their impact on the state's overall economic performance.
Q: Are there update delays or limitations?
A: The data is published on a quarterly basis, with a typical delay of 2-3 months after the end of each quarter.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Agriculture, Forestry, Fishing and Hunting (11) in Rhode Island (RIAGRNGSP), retrieved from FRED.