Chain-Type Quantity Index for Real GDP: Other Services (Except Government and Government Enterprises) (81) in Rhode Island
RIOTHSERVEQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
90.74
Year-over-Year Change
-2.62%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Other Services (Except Government and Government Enterprises) (81) in Rhode Island measures the real output of the state's private service sector, excluding government. This trend is an important indicator of economic activity and growth in Rhode Island.
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
This index tracks the quantity of real GDP (adjusted for inflation) produced by the other services industry in Rhode Island, which includes sectors like professional services, personal services, and repairs. It is used by economists and policymakers to understand the health and trajectory of the state's private service economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using proprietary methods.
Historical Context
This index provides insight into the performance of Rhode Island's private service sector, which is a key driver of the state's overall economic output.
Key Facts
- Rhode Island's other services sector accounts for over 20% of the state's total GDP.
- The index has shown steady growth in Rhode Island's private service economy since the Great Recession.
- The other services industry includes a diverse range of occupations like lawyers, hair stylists, and auto mechanics.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) quantity of GDP produced by the other services industry in Rhode Island, excluding government services.
Q: Why is this trend relevant for users or analysts?
A: This index provides valuable insight into the performance and trajectory of Rhode Island's private service sector, which is a critical component of the state's overall economic output.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using proprietary methods.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this index to monitor the health and growth of Rhode Island's private service economy, which can inform decisions related to economic development, taxation, and other policy areas.
Q: Are there update delays or limitations?
A: There may be delays of several months in the release of this data, and the index may be subject to periodic revisions by the Bureau of Economic Analysis.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Other Services (Except Government and Government Enterprises) (81) in Rhode Island (RIOTHSERVEQGSP), retrieved from FRED.