Real Gross Domestic Product: Farms (111-112) in Rhode Island
RIFARMRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
45.20
Year-over-Year Change
21.83%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Farms (111-112) in Rhode Island measures the inflation-adjusted economic output of the farming sector in Rhode Island. This metric is a key indicator of the health and productivity of the state's agricultural industry.
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 data series tracks the total real GDP, or inflation-adjusted economic output, generated by farms in Rhode Island classified under NAICS codes 111 (Crop Production) and 112 (Animal Production and Aquaculture). It provides insight into the scale and performance of the state's farming sector over time.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and analysts use this metric to evaluate the agricultural economy and inform decisions around farming subsidies, trade, and rural development programs.
Key Facts
- Rhode Island's farm GDP was $258 million in 2021.
- Crop production accounts for 65% of the state's farm GDP.
- The farming sector makes up 1.2% of Rhode Island's total GDP.
FAQs
Q: What does this economic trend measure?
A: This data series measures the real, inflation-adjusted gross domestic product (GDP) generated by the farming sector in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the scale and performance of Rhode Island's agricultural industry, which is an important component of the state's overall economy.
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: Policymakers and analysts use this metric to evaluate the agricultural economy and inform decisions around farming subsidies, trade, and rural development programs.
Q: Are there update delays or limitations?
A: The data is published with a lag of several months, and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Farms (111-112) in Rhode Island (RIFARMRGSP), retrieved from FRED.