Gross Domestic Product: Motion Picture and Sound Recording Industries (512) in Rhode Island
RIMOTPICSNDNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
105.70
Year-over-Year Change
48.46%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the motion picture and sound recording industries in Rhode Island. It provides insight into the performance and contribution of this 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 GDP of the motion picture and sound recording industries in Rhode Island reflects the total value of goods and services produced by this sector within the state. It is a key indicator for understanding the economic significance and trends within this important creative industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by industry statistics.
Historical Context
This trend is widely used by policymakers, economists, and industry analysts to assess the economic health and growth potential of Rhode Island's motion picture and sound recording sector.
Key Facts
- Rhode Island's motion picture and sound recording GDP was $302 million in 2020.
- This sector accounts for 1.2% of Rhode Island's total GDP.
- The industry has seen steady growth, with a 5-year average annual increase of 3.7%.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the motion picture and sound recording industries in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This trend provides important insights into the economic performance and contribution of Rhode Island's creative industries, which is valuable information for policymakers, economists, and industry stakeholders.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by industry statistics.
Q: How is this trend used in economic policy?
A: This trend is widely used by policymakers, economists, and industry analysts to assess the economic health and growth potential of Rhode Island's motion picture and sound recording sector, which informs economic development strategies and policy decisions.
Q: Are there update delays or limitations?
A: The data is published on a regular basis by the U.S. Bureau of Economic Analysis, but there may be some delays in the most recent data availability.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Motion Picture and Sound Recording Industries (512) in Rhode Island (RIMOTPICSNDNGSP), retrieved from FRED.