Gross Domestic Product: Food Services and Drinking Places (722) in Rhode Island
RIFOODDPNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,592.60
Year-over-Year Change
116.57%
Date Range
1/1/1997 - 1/1/2023
Summary
The Gross Domestic Product: Food Services and Drinking Places (722) in Rhode Island measures the economic output of the food service and drinking establishment industry in the state. This metric is a key indicator of consumer spending and activity in the hospitality sector.
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 series represents the gross domestic product, or value added, of the Food Services and Drinking Places industry (NAICS code 722) in the state of Rhode Island. It provides insights into the performance and contribution of this sector to the overall state economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using industry-level production and sales information.
Historical Context
Economists and policymakers monitor this trend to assess consumer behavior, business conditions, and the health of the hospitality industry in Rhode Island.
Key Facts
- Rhode Island's food service and drinking places GDP was $1.75 billion in 2021.
- This industry accounts for over 3% of Rhode Island's total gross domestic product.
- The Food Services and Drinking Places sector experienced a 20% decline in 2020 due to the COVID-19 pandemic.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) or economic output of the Food Services and Drinking Places industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into consumer spending, business conditions, and the overall performance of the hospitality sector in Rhode Island, which is an important part of the state's 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 industry-level production and sales information.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor this trend to assess consumer behavior, business conditions, and the health of the hospitality industry, which can inform economic and fiscal policies in Rhode Island.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with potential lags of several months in the most recent data.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Food Services and Drinking Places (722) in Rhode Island (RIFOODDPNGSP), retrieved from FRED.