Real Gross Domestic Product: Private Industries in Rhode Island
RIPIRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
57,242.00
Year-over-Year Change
7.22%
Date Range
1/1/2005 - 1/1/2025
Summary
The Real Gross Domestic Product: Private Industries in Rhode Island measures the total output of private industries in the state, adjusting for inflation. This key economic indicator provides insights into Rhode Island's private sector performance and growth.
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, inflation-adjusted GDP generated by private industries in Rhode Island. It is a comprehensive measure of economic activity and a core data point used by policymakers, analysts, and businesses to assess the state's economic health and trends.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using national income and product accounts.
Historical Context
Trends in Rhode Island's private industry GDP are closely monitored for insights into the state's overall economic direction and to inform policy decisions.
Key Facts
- Rhode Island's private industry GDP totaled $57.7 billion in 2021.
- The state's private GDP has grown by 2.3% on average over the past 5 years.
- Private services industries account for over 80% of Rhode Island's private GDP.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the total real output or GDP produced by private industries in the state of Rhode Island, adjusted for inflation.
Q: Why is this trend relevant for users or analysts?
A: Rhode Island's private industry GDP is a key barometer of the state's overall economic performance and growth, providing insights for policymakers, businesses, and 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 the national income and product accounts.
Q: How is this trend used in economic policy?
A: Trends in Rhode Island's private GDP are closely monitored by state and federal policymakers to inform economic, fiscal, and regulatory decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, and may be subject to periodic revisions by the statistical agency.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Industries in Rhode Island (RIPIRQGSP), retrieved from FRED.