Real Gross Domestic Product: Military in Rhode Island
RIGOVFEDMILRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,222.30
Year-over-Year Change
-8.65%
Date Range
1/1/1997 - 1/1/2024
Summary
The 'Real Gross Domestic Product: Military in Rhode Island' measures the economic output of the military sector in Rhode Island. This metric is crucial for understanding the impact of defense spending and military operations on the state's economy.
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 real (inflation-adjusted) value of the gross domestic product (GDP) generated by the military and defense industry in the state of Rhode Island. It provides insight into the economic significance of military activities and procurement for the local economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their comprehensive state-level GDP estimates.
Historical Context
Policymakers and economists use this metric to assess the economic dependence of Rhode Island on military spending and the potential impact of changes in defense budgets.
Key Facts
- Rhode Island's military GDP was $1.8 billion in 2021.
- The military sector accounts for 3.7% of Rhode Island's total GDP.
- Defense-related industries employ over 20,000 people in Rhode Island.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) generated by the military and defense industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric is crucial for understanding the economic impact of defense spending and military operations on the state of Rhode Island'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 as part of their comprehensive state-level GDP estimates.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess the economic dependence of Rhode Island on military spending and the potential impact of changes in defense budgets.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically 1-2 quarters behind the current period.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Military in Rhode Island (RIGOVFEDMILRGSP), retrieved from FRED.