Real Gross Domestic Product: Finance and Insurance (52) in Rhode Island
RIFININSRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,842.90
Year-over-Year Change
7.62%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the real gross domestic product (GDP) of the finance and insurance sector in Rhode Island. It is an important indicator for understanding the state's economic performance and industry composition.
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: Finance and Insurance (52) in Rhode Island series tracks the inflation-adjusted output of the finance and insurance industry in the state. This data is used by economists and policymakers to analyze the relative strength and contribution of this key sector to Rhode Island's overall economic activity.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend provides insight into the role of the finance and insurance industry in Rhode Island's economy, which can inform policy decisions and business strategies.
Key Facts
- Rhode Island's finance and insurance sector accounts for over 20% of the state's GDP.
- This industry has seen steady growth in recent years, outpacing the overall state economy.
- The finance and insurance sector is a major employer in Rhode Island, providing high-wage jobs.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product of the finance and insurance industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the performance and importance of a key sector of Rhode Island's economy, which is useful for economic analysis, policymaking, and business planning.
Q: How is this data collected or calculated?
A: The data is 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 economists use this trend to understand the role of the finance and insurance industry in Rhode Island's economy, which can inform decisions related to economic development, workforce, and regulatory policies.
Q: Are there update delays or limitations?
A: There may be a delay of several months between the end of the reference period and the release of the latest data point.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Finance and Insurance (52) in Rhode Island (RIFININSRQGSP), retrieved from FRED.