Gross Domestic Product: Private Industries in Rhode Island
RIPINQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
73,823.70
Year-over-Year Change
20.87%
Date Range
1/1/2005 - 1/1/2025
Summary
The Gross Domestic Product: Private Industries in Rhode Island metric measures the total output of private industries in the state, providing insight into the overall health and productivity of Rhode Island's 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
This series represents the real gross domestic product by private industries in Rhode Island, adjusted for inflation. It is a key indicator of the state's economic performance and is widely used by policymakers, researchers, and analysts to assess regional economic trends and make informed decisions.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This metric is closely monitored by state and federal policymakers to inform economic and fiscal policies that promote growth and stability in Rhode Island.
Key Facts
- Rhode Island's private industry GDP was $66.4 billion in 2021.
- The state's private sector output has grown by 3.2% annually over the past decade.
- Private industries account for over 80% of Rhode Island's total economic output.
FAQs
Q: What does this economic trend measure?
A: This metric measures the total real gross domestic product (GDP) generated by private industries in the state of Rhode Island, adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: The Gross Domestic Product: Private Industries in Rhode Island is a key indicator of the state's overall economic performance and productivity, providing valuable insights for policymakers, researchers, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Q: How is this trend used in economic policy?
A: This metric is closely monitored by state and federal policymakers to inform economic and fiscal policies that promote growth and stability in Rhode Island's private sector.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of approximately 2-3 months, so there may be a short delay in accessing the most recent figures.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Private Industries in Rhode Island (RIPINQGSP), retrieved from FRED.