Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Rhode Island
RIARTENTRECRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
699.00
Year-over-Year Change
16.33%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) for the arts, entertainment, and recreation 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: Arts, Entertainment, and Recreation (71) in Rhode Island series tracks the inflation-adjusted value added by the arts, entertainment, and recreation industry to the state's GDP. This metric is used by economists and policymakers to assess the health and growth of this important service sector within the Rhode Island economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Historical Context
This trend is relevant for understanding the role of the arts, entertainment, and recreation industry in Rhode Island's economic landscape and informing policy decisions.
Key Facts
- Rhode Island's arts, entertainment, and recreation sector accounts for over 3% of the state's GDP.
- This industry has experienced steady growth in recent years, outpacing the overall state economy.
- The COVID-19 pandemic had a significant impact on this sector, leading to a sharp decline in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) for the arts, entertainment, and recreation 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 contribution of the arts, entertainment, and recreation sector to Rhode Island's overall economic activity, which is valuable for economists and policymakers.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level GDP estimates.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to assess the health and growth of the arts, entertainment, and recreation industry in Rhode Island, informing policy decisions that impact this important service sector.
Q: Are there update delays or limitations?
A: The data is subject to typical release schedules and revisions by the U.S. Bureau of Economic Analysis, which may result in occasional update delays or minor historical data changes.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Rhode Island (RIARTENTRECRGSP), retrieved from FRED.