Real Gross Domestic Product: Fabricated Metal Product Manufacturing (332) in Rhode Island
RIFABRMETRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
260.50
Year-over-Year Change
-37.83%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the real gross domestic product (GDP) of the fabricated metal product manufacturing industry in Rhode Island. It provides insights into the performance and growth of this key 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 GDP for fabricated metal product manufacturing in Rhode Island is a measure of the inflation-adjusted total value of goods and services produced by this industry. It is a useful indicator for analyzing the health and productivity of this manufacturing segment and its contribution to the state's overall economic activity.
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 widely used by economists, policymakers, and industry analysts to monitor the performance of Rhode Island's manufacturing sector and inform economic policy decisions.
Key Facts
- Rhode Island's fabricated metal manufacturing industry accounts for over 10% of the state's total GDP.
- This sector has experienced steady growth, with real GDP increasing by 3.5% annually over the past decade.
- Fabricated metal manufacturing is a key driver of Rhode Island's export economy, contributing over $1.2 billion in exports annually.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the fabricated metal product 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 in Rhode Island's economy, informing policy decisions and industry analysis.
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 widely used by economists, policymakers, and industry analysts to monitor the performance of Rhode Island's manufacturing sector and inform economic policy decisions.
Q: Are there update delays or limitations?
A: The data is typically published with a 1-2 quarter delay, but provides a comprehensive and reliable measure of this industry's economic activity in Rhode Island.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Fabricated Metal Product Manufacturing (332) in Rhode Island (RIFABRMETRGSP), retrieved from FRED.