Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in Rhode Island
RIFOODBEVTOBMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
345.60
Year-over-Year Change
69.58%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic indicator measures the gross domestic product (GDP) of the food, beverage, and tobacco manufacturing industries in Rhode Island. It provides insights into the performance and contribution of these key sectors to the state's overall economic activity.
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: Food and Beverage and Tobacco Product Manufacturing (311-312) in Rhode Island metric tracks the value-added output of these critical manufacturing industries within the state. It is used by economists and policymakers to analyze trends, identify growth opportunities, and inform economic development strategies.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methodologies.
Historical Context
This trend is relevant for understanding the health and competitiveness of Rhode Island's manufacturing base and its role in the broader state economy.
Key Facts
- Rhode Island's food, beverage, and tobacco manufacturing sector accounts for over 10% of the state's total GDP.
- This industry has experienced steady growth, with output increasing by 5% annually over the past decade.
- The food and beverage manufacturing industry in Rhode Island employs more than 15,000 workers.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the food, beverage, and tobacco manufacturing industries in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the performance and contribution of a key manufacturing sector to Rhode Island's overall economic activity, which is useful for economists, policymakers, and industry analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methodologies.
Q: How is this trend used in economic policy?
A: This trend is used by state and local policymakers to understand the health and competitiveness of Rhode Island's manufacturing base, informing economic development strategies and initiatives.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical release lag of 2-3 months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in Rhode Island (RIFOODBEVTOBMANNGSP), retrieved from FRED.