Real Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in Rhode Island
RIFOODBEVTOBMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
292.60
Year-over-Year Change
24.14%
Date Range
1/1/1997 - 1/1/2023
Summary
The Real Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in Rhode Island measures the total economic output of this key industry sector in the state, adjusted for inflation.
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 economic indicator tracks the real value-added production of food, beverage, and tobacco manufacturing companies in Rhode Island. It is a vital measure of the health and productivity of this critical manufacturing industry in the state.
Methodology
The data is collected by the U.S. Bureau of Economic Analysis through surveys of businesses in the sector.
Historical Context
Policymakers and analysts use this metric to assess the competitiveness and growth of Rhode Island's food and beverage manufacturing industry.
Key Facts
- Rhode Island's food and beverage manufacturing sector accounts for over 10% of the state's total GDP.
- This industry employs more than 15,000 workers in Rhode Island.
- The state's food and beverage manufacturers export products worth over $500 million annually.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real (inflation-adjusted) gross domestic product or total economic output of the food, beverage, and tobacco manufacturing industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This indicator provides important insights into the productivity and competitiveness of a key manufacturing sector in the Rhode Island economy, which is vital for policymakers and industry stakeholders.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Bureau of Economic Analysis through surveys of businesses in the food, beverage, and tobacco manufacturing industry in Rhode Island.
Q: How is this trend used in economic policy?
A: Policymakers and economic analysts use this metric to assess the growth, competitiveness, and contribution of Rhode Island's food and beverage manufacturing sector, which informs decisions around economic development, trade, and industrial policies.
Q: Are there update delays or limitations?
A: There may be lags of several months in the release of this data due to the time required for data collection and processing by the statistical agencies.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food and Beverage and Tobacco Product Manufacturing (311-312) in Rhode Island (RIFOODBEVTOBMANRGSP), retrieved from FRED.