Chain-Type Quantity Index for Real GDP: State and Local in Rhode Island
RIGOVSLQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
103.38
Year-over-Year Change
1.27%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: State and Local in Rhode Island measures the real output of state and local government agencies in the state. This metric is important for economists and policymakers to assess the economic health and fiscal conditions of Rhode Island's public 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 index provides a measure of the real (inflation-adjusted) value of goods and services produced by state and local government entities in Rhode Island. It is used to track changes in the volume of government output over time, which can inform policy decisions and assessments of the public sector's economic contribution.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula.
Historical Context
Trends in this index are relevant for understanding the fiscal and economic conditions in Rhode Island and can inform policy discussions at the state and local level.
Key Facts
- The index uses 2012 as the base year.
- The index reflects real, inflation-adjusted government output.
- Rhode Island's state and local government accounts for a significant portion of its overall economy.
FAQs
Q: What does this economic trend measure?
A: This index measures the real, inflation-adjusted output of state and local government agencies in Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: Trends in this index can provide insights into the fiscal conditions and economic contribution of the public sector in Rhode Island, which is important for policymakers and economic analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula.
Q: How is this trend used in economic policy?
A: Trends in this index can inform discussions and decisions around fiscal policy, government spending, and the role of the public sector in Rhode Island's overall economy.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with some potential for delays in availability.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: State and Local in Rhode Island (RIGOVSLQGSP), retrieved from FRED.