Real Gross Domestic Product: Health Care and Social Assistance (62) in Rhode Island
RIHLTHSOCASSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,879.70
Year-over-Year Change
21.21%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Health Care and Social Assistance (62) in Rhode Island measures the inflation-adjusted output of the health care and social assistance industry in the state. This trend is important for understanding the economic performance and contribution of a critical 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 series represents the real, or inflation-adjusted, value-added output of the health care and social assistance industry in Rhode Island. It provides insight into the growth and productivity of a major component of the state's economy.
Methodology
The data is calculated based on industry-level GDP statistics from the U.S. Bureau of Economic Analysis.
Historical Context
Analysts and policymakers use this metric to gauge the economic health and competitiveness of Rhode Island's health care sector.
Key Facts
- Rhode Island's health care GDP accounts for over 10% of the state's total economic output.
- The health care and social assistance industry is one of the largest employers in Rhode Island.
- Real GDP in this sector has grown faster than the overall state economy in recent years.
FAQs
Q: What does this economic trend measure?
A: This metric measures the real, inflation-adjusted gross domestic product (GDP) of the health care and social assistance industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the performance and economic contribution of a critical industry in Rhode Island, helping analysts and policymakers assess the state's economic health and competitiveness.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis based on industry-level GDP statistics.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this metric to monitor the growth and productivity of Rhode Island's health care sector, which is a major contributor to the state's economy.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in accessing the most recent information.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Health Care and Social Assistance (62) in Rhode Island (RIHLTHSOCASSRGSP), retrieved from FRED.