Real Gross Domestic Product: Natural Resources and Mining (11, 21) in Rhode Island
RINATRESMINRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
200.30
Year-over-Year Change
61.14%
Date Range
1/1/1997 - 1/1/2024
Summary
This trend measures the real gross domestic product (GDP) of the natural resources and mining sector in Rhode Island. It provides insights into the economic activity and productivity of this important industry 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: Natural Resources and Mining (11, 21) in Rhode Island series tracks the inflation-adjusted output of the natural resources and mining industries in the state. This metric is a key indicator of the sector's contribution to Rhode Island's overall economic performance.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
Policymakers and analysts use this trend to assess the health and competitiveness of Rhode Island's natural resources and mining industries.
Key Facts
- Rhode Island's natural resources and mining sector accounts for approximately 1% of the state's total GDP.
- This trend has shown modest growth over the past decade, indicating stable performance in the industry.
- The natural resources and mining sector employs around 2,000 workers in Rhode Island.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the natural resources and mining sector in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the economic activity and productivity of Rhode Island's natural resources and mining industries, which are important contributors to the state's overall economic performance.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the health and competitiveness of Rhode Island's natural resources and mining industries, which can inform economic development strategies and policies.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the U.S. Bureau of Economic Analysis, and there may be some delay in the availability of the most recent information.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Natural Resources and Mining (11, 21) in Rhode Island (RINATRESMINRGSP), retrieved from FRED.