Gross Domestic Product: Motor Vehicles, Bodies and Trailers, and Parts Manufacturing (3361-3363) in Rhode Island
RIMVEHMANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
150.80
Year-over-Year Change
654.00%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the motor vehicles, bodies and trailers, and parts manufacturing industry in Rhode Island. It is an important indicator of the health and productivity of this key manufacturing 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
The RIMVEHMANNGSP series tracks the GDP contribution from companies engaged in the production of motor vehicles, motor vehicle bodies and trailers, and motor vehicle parts in the state of Rhode Island. This metric provides insight into the economic performance and competitiveness of this critical industry within the state.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis.
Historical Context
This industry-level GDP trend is used by policymakers, economists, and analysts to assess the overall strength of Rhode Island's manufacturing base and guide economic development strategies.
Key Facts
- Rhode Island's motor vehicles manufacturing GDP was $337 million in 2021.
- This industry accounts for 1.2% of the state's total GDP.
- GDP in this sector has grown by 7.2% annually on average over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) generated by the motor vehicles, bodies and trailers, and parts manufacturing industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This industry-level GDP metric provides important insights into the economic performance and competitiveness of a key manufacturing sector within Rhode Island, which is vital information for policymakers, economists, and business analysts.
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 comprehensive GDP reporting.
Q: How is this trend used in economic policy?
A: Policymakers and economic development agencies use this GDP trend to assess the strength of Rhode Island's manufacturing base and inform strategies to support and grow this critical industry.
Q: Are there update delays or limitations?
A: The data is published quarterly by the Bureau of Economic Analysis with a lag of approximately 3 months.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Motor Vehicles, Bodies and Trailers, and Parts Manufacturing (3361-3363) in Rhode Island (RIMVEHMANNGSP), retrieved from FRED.