Gross Domestic Product: Oil and Gas Extraction (211) in Rhode Island
RIOILGASNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.00
Year-over-Year Change
N/A%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) for the oil and gas extraction industry in Rhode Island. It provides important insights into the state's energy sector and its contribution to the overall economy.
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 Gross Domestic Product: Oil and Gas Extraction (211) in Rhode Island series tracks the value-added output of the oil and gas extraction industry within the state's economy. This data is used by economists and policymakers to analyze the role of the energy sector in Rhode Island's economic performance and development.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic modeling.
Historical Context
This trend is relevant for understanding the broader economic conditions and policy decisions related to the energy industry in Rhode Island.
Key Facts
- Rhode Island's oil and gas extraction GDP was $52.2 million in 2021.
- This industry accounts for 0.2% of the state's total GDP.
- The trend has shown modest growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) contribution of the oil and gas extraction industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into the size and performance of Rhode Island's energy sector, which is important for understanding the state's overall economic conditions and 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 based on surveys and economic modeling.
Q: How is this trend used in economic policy?
A: This trend is used by economists, policymakers, and market analysts to monitor the role of the energy industry in Rhode Island's economy and inform decisions related to energy policy, infrastructure, and economic development.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, and may be subject to revisions as more information becomes available.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Oil and Gas Extraction (211) in Rhode Island (RIOILGASNGSP), retrieved from FRED.