Real Gross Domestic Product: Food Services and Drinking Places (722) in Rhode Island
RIFOODDPRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,777.70
Year-over-Year Change
19.19%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the food services and drinking places industry in Rhode Island. It provides insight into the economic performance and consumer activity in this key 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
The Real Gross Domestic Product: Food Services and Drinking Places (722) in Rhode Island series tracks the inflation-adjusted output of businesses in the food service and drinking establishments industry, including restaurants, bars, and caterers. This metric is a valuable indicator of consumer spending and confidence in the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP by industry accounts.
Historical Context
Policymakers and economists monitor this trend to gauge consumer behavior and the overall health of Rhode Island's service sector.
Key Facts
- Rhode Island's food services and drinking places industry accounts for over 3% of the state's total GDP.
- This sector experienced a sharp decline during the COVID-19 pandemic but has since rebounded.
- Trends in this metric often foreshadow broader changes in Rhode Island's consumer-driven economy.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real, inflation-adjusted gross domestic product (GDP) 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 valuable insight into consumer spending and confidence in Rhode Island, as the food services and drinking places industry is a key driver of the state's service-oriented economy.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their state-level GDP by industry accounts.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this trend to gauge consumer behavior and the overall health of Rhode Island's service sector, which can inform decisions around fiscal and monetary policy.
Q: Are there update delays or limitations?
A: The data is typically released on a quarterly basis, with some potential for short delays in publication.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Food Services and Drinking Places (722) in Rhode Island (RIFOODDPRGSP), retrieved from FRED.