Chain-Type Quantity Index for Real GDP: Data Processing, Hosting, and Other Information Services (518-519) in Rhode Island
RIDATAWWWQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
255.29
Year-over-Year Change
-33.82%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Data Processing, Hosting, and Other Information Services (518-519) in Rhode Island measures the real output of this industry sector in the state. It is an important indicator for tracking the growth and productivity of Rhode Island's information technology and data services industries.
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 provides a measure of the real (inflation-adjusted) quantity of goods and services produced by data processing, hosting, and other information services businesses in Rhode Island. It is a useful economic indicator for analyzing the state's information technology and digital services sectors.
Methodology
The index is calculated by the U.S. Bureau of Economic Analysis using chained-dollar values to adjust for inflation.
Historical Context
Policymakers and industry analysts use this index to monitor the performance and competitiveness of Rhode Island's information services industries.
Key Facts
- Rhode Island's data services industry accounts for over 3% of the state's real GDP.
- The Chain-Type Quantity Index has grown by over 50% since 2005.
- Information services are a key driver of economic growth in Rhode Island.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Data Processing, Hosting, and Other Information Services (518-519) in Rhode Island measures the real output of this industry sector in the state.
Q: Why is this trend relevant for users or analysts?
A: This index is an important indicator for tracking the growth and productivity of Rhode Island's information technology and data services industries, which are key drivers of the state's economy.
Q: How is this data collected or calculated?
A: The index is calculated by the U.S. Bureau of Economic Analysis using chained-dollar values to adjust for inflation.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this index to monitor the performance and competitiveness of Rhode Island's information services industries.
Q: Are there update delays or limitations?
A: The index data is published quarterly with a lag of several months.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Data Processing, Hosting, and Other Information Services (518-519) in Rhode Island (RIDATAWWWQGSP), retrieved from FRED.