Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Rhode Island
RIMISCPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,711.00
Year-over-Year Change
70.57%
Date Range
1/1/1997 - 1/1/2023
Summary
This trend measures the real gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in Rhode Island. It provides insight into the economic output and performance of this sector within the state.
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 Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Rhode Island series tracks the inflation-adjusted economic activity of this industry, which includes a range of specialized services such as legal, accounting, architectural, engineering, and research and development. This data is used by economists and policymakers to analyze the state's economic structure and growth.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national income and product accounting methods.
Historical Context
This industry-level GDP data is relevant for understanding Rhode Island's economic composition and competitiveness in professional services.
Key Facts
- Rhode Island's miscellaneous professional services industry contributed $3.7 billion to state GDP in 2021.
- This sector accounts for approximately 7% of Rhode Island's total economic output.
- Real GDP in this industry has grown by 20% in Rhode Island over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the miscellaneous professional, scientific, and technical services industry in Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the economic performance and competitiveness of Rhode Island's professional services sector, which is an important component of the state'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 using established national income and product accounting methods.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this industry-level GDP data to analyze the structure and growth of Rhode Island's economy, which can inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: This data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month release lag.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Miscellaneous Professional, Scientific, and Technical Services (5412-5414, 5416-5419) in Rhode Island (RIMISCPRORGSP), retrieved from FRED.