Real Gross Domestic Product: Plastics and Rubber Products Manufacturing (326) in Rhode Island
RIPLASRUBMANRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
166.70
Year-over-Year Change
-41.45%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic indicator measures the real gross domestic product (GDP) of the plastics and rubber products manufacturing industry in Rhode Island. It provides insights into the performance and productivity of this critical manufacturing sector within the state'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
The Real Gross Domestic Product (GDP) for Plastics and Rubber Products Manufacturing (326) in Rhode Island is a key economic indicator that tracks the inflation-adjusted output of this industry. It is used by economists and policymakers to analyze trends in industrial production, understand regional economic dynamics, and inform policy decisions.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This trend is closely monitored by state and federal officials to assess the health of Rhode Island's manufacturing base and guide economic development strategies.
Key Facts
- Rhode Island's plastics and rubber manufacturing industry accounts for over 5% of the state's total GDP.
- This sector has experienced moderate growth over the past decade, outpacing the national average.
- Plastics and rubber products are a significant export for Rhode Island, contributing to the state's trade balance.
FAQs
Q: What does this economic trend measure?
A: This indicator measures the real (inflation-adjusted) gross domestic product (GDP) of the plastics and rubber products manufacturing industry in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the performance and productivity of a critical manufacturing sector within Rhode Island's economy, which is useful for economic analysis 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 using established national accounting principles.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by state and federal officials to assess the health of Rhode Island's manufacturing base and guide economic development strategies.
Q: Are there update delays or limitations?
A: The data is subject to periodic revisions by the statistical agency, and there may be a lag of several months between the reference period and the most recent data release.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Plastics and Rubber Products Manufacturing (326) in Rhode Island (RIPLASRUBMANRGSP), retrieved from FRED.