Real Gross Domestic Product: State and Local in Rhode Island
RIGOVSLRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,383.80
Year-over-Year Change
1.27%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: State and Local in Rhode Island measures the inflation-adjusted economic output of state and local government entities in Rhode Island. This metric is important for policymakers and economists to assess the fiscal health and economic activity 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 economic trend represents the real, inflation-adjusted GDP produced by state and local government institutions in Rhode Island. It serves as a key indicator of the scale and growth of public sector economic activity within the state, providing insights for fiscal and economic analysis.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Historical Context
Trends in state and local government GDP are closely monitored by policymakers, economists, and market analysts to understand the broader economic landscape.
Key Facts
- Rhode Island's state and local GDP was $13.3 billion in 2021.
- State and local GDP accounts for 12% of Rhode Island's total economic output.
- Real state and local GDP in Rhode Island has grown by 2.3% annually since 2010.
FAQs
Q: What does this economic trend measure?
A: The Real Gross Domestic Product: State and Local in Rhode Island measures the inflation-adjusted economic output of state and local government entities within the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the fiscal health and economic activity of Rhode Island's public sector, which is crucial information for policymakers, economists, and market analysts.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting frameworks.
Q: How is this trend used in economic policy?
A: Trends in state and local government GDP are closely monitored by policymakers, economists, and market analysts to understand the broader economic landscape and inform fiscal and economic policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: State and Local in Rhode Island (RIGOVSLRGSP), retrieved from FRED.