Gross Domestic Product: Farms (111-112) in Rhode Island
RIFARMNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
67.80
Year-over-Year Change
42.44%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) generated by the farming industry in the state of Rhode Island. It provides valuable insights into the productivity and contribution of the agricultural sector to the state's overall economic performance.
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 Gross Domestic Product: Farms (111-112) in Rhode Island series represents the total economic output of the state's farming industry, including crop production and animal production. This data is used by policymakers, economists, and researchers to analyze the role of agriculture in Rhode Island's economy and monitor its relative performance over time.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using established national income and product accounting methods.
Historical Context
This economic indicator is relevant for understanding the state's economic composition, informing agricultural policy decisions, and tracking the competitiveness of Rhode Island's farming sector.
Key Facts
- Rhode Island's farming GDP accounts for approximately 1% of the state's total economic output.
- Crop production makes up the largest share of the state's farming GDP.
- The farming industry in Rhode Island employs around 2,000 people.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by the farming industry in the state of Rhode Island, including both crop production and animal production.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the role and performance of the agricultural sector in Rhode Island's economy, which is important for policymakers, economists, and researchers analyzing the state's economic composition and competitiveness.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis (BEA) using established national income and product accounting methods.
Q: How is this trend used in economic policy?
A: This economic indicator is relevant for understanding the state's economic composition, informing agricultural policy decisions, and tracking the competitiveness of Rhode Island's farming sector.
Q: Are there update delays or limitations?
A: The data is published on a regular basis by the BEA, with some potential for minor delays in the release of the latest figures.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Farms (111-112) in Rhode Island (RIFARMNGSP), retrieved from FRED.