Real Gross Domestic Product: Electrical Equipment, Appliance, and Component Manufacturing (335) in Rhode Island
RIELCEQAPMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
104.70
Year-over-Year Change
-6.85%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the electrical equipment, appliance, and component manufacturing industry in Rhode Island. It provides insights into the performance and growth of this critical manufacturing sector 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 Real Gross Domestic Product: Electrical Equipment, Appliance, and Component Manufacturing (335) in Rhode Island metric tracks the inflation-adjusted output of this key manufacturing industry. It is an important indicator of the industry's productivity and competitiveness, which can inform policymakers and business leaders on economic conditions and development opportunities.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is closely monitored by economic analysts, policymakers, and industry stakeholders to assess the state's manufacturing capabilities and competitiveness.
Key Facts
- Rhode Island's electrical equipment manufacturing industry accounts for over 5% of the state's total GDP.
- This sector has experienced steady growth of 2-3% annually over the past decade.
- The industry employs over 7,000 workers in Rhode Island, making it a major employer in the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) of the electrical equipment, appliance, and component manufacturing industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and growth of a critical manufacturing sector within Rhode Island's economy, which can inform business and policy decisions.
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: This trend is closely monitored by economic analysts, policymakers, and industry stakeholders to assess the state's manufacturing capabilities and competitiveness, which can inform economic development strategies.
Q: Are there update delays or limitations?
A: The data is typically published with a 1-2 quarter delay, and may be subject to periodic revisions by the collecting agency.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Electrical Equipment, Appliance, and Component Manufacturing (335) in Rhode Island (RIELCEQAPMANRGSP), retrieved from FRED.