Chain-Type Quantity Index for Real GDP: Forestry, Fishing, and Related Activities (113-115) in Rhode Island
RIFRSTFISHQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
94.05
Year-over-Year Change
-8.84%
Date Range
1/1/1997 - 1/1/2023
Summary
The Chain-Type Quantity Index for Real GDP: Forestry, Fishing, and Related Activities (113-115) in Rhode Island measures the inflation-adjusted economic output of this industry sector in the state.
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 index tracks changes in the real, price-adjusted level of economic activity for forestry, fishing, and related industries in Rhode Island. It provides insight into the productivity and growth of this critical natural resource-based sector of the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology.
Historical Context
Policymakers and industry analysts use this index to monitor the health and trends of Rhode Island's natural resource economy.
Key Facts
- Rhode Island's forestry and fishing sectors make up 1.4% of the state's GDP.
- This index uses 2012 as the base year for measuring real economic output.
- Fishing and aquaculture are major industries in Rhode Island's coastal economy.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of the forestry, fishing, and related activities sector in the Rhode Island economy.
Q: Why is this trend relevant for users or analysts?
A: This index provides insight into the productivity and growth of a critical natural resource-based industry in Rhode Island, which can inform policymaking and business decisions.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-weighted methodology.
Q: How is this trend used in economic policy?
A: Policymakers and industry analysts use this index to monitor the health and trends of Rhode Island's natural resource economy, which can inform policy decisions and economic development strategies.
Q: Are there update delays or limitations?
A: The data is subject to the publication schedule and revision policies of the U.S. Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Forestry, Fishing, and Related Activities (113-115) in Rhode Island (RIFRSTFISHQGSP), retrieved from FRED.