Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Rhode Island
RIMISCPRONGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,925.00
Year-over-Year Change
97.90%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in Rhode Island. It provides insights into the performance and contribution of this key sector to the state's overall economic activity.
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
The RIMISCPRONGSP series represents the GDP generated by establishments primarily engaged in activities such as legal services, accounting, architecture, engineering, and other professional, scientific, and technical services in Rhode Island. This data is used by economists and policymakers to analyze the state's economic composition and growth.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Historical Context
This trend is relevant for understanding the role of the professional services industry in Rhode Island's economy and informing policy decisions.
Key Facts
- Rhode Island's professional services GDP was $5.1 billion in 2021.
- This sector accounts for over 10% of the state's total economic output.
- The industry has experienced steady growth in recent years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by the miscellaneous professional, scientific, and technical services industry in Rhode Island, including legal, accounting, and engineering services.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the performance and economic contribution of a key industry sector in Rhode Island, which is useful for understanding the state's economic composition and informing policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using standard GDP accounting methods.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the role of the professional services industry in Rhode Island's economy and inform decisions related to economic development, taxation, and regulatory policies.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically several months after the end of the reporting period. There may also be revisions to historical data as more information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Rhode Island (RIMISCPRONGSP), retrieved from FRED.