Real Gross Domestic Product: Private Goods-Producing Industries in Rhode Island
RIPRIGOODPRORGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,945.10
Year-over-Year Change
5.33%
Date Range
1/1/1997 - 1/1/2024
Summary
The Real Gross Domestic Product: Private Goods-Producing Industries in Rhode Island tracks the economic output of the private goods-producing sector in the state, providing insight into the state's industrial production.
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 measures the real (inflation-adjusted) gross domestic product originating from the private goods-producing industries in Rhode Island, including manufacturing, mining, and construction. It serves as an important indicator of the state's industrial activity and economic health.
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 policymakers, analysts, and businesses to gauge Rhode Island's economic performance and competitiveness.
Key Facts
- Rhode Island's private goods-producing sector accounts for approximately 20% of the state's total economic output.
- The real GDP of Rhode Island's private goods-producing industries has grown by an average of 2.5% annually over the past decade.
- Manufacturing is the largest component of Rhode Island's private goods-producing sector, contributing over 60% of the industry's total real GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product originating from the private goods-producing industries in the state of Rhode Island, including manufacturing, mining, and construction.
Q: Why is this trend relevant for users or analysts?
A: This metric provides important insights into the performance and competitiveness of Rhode Island's industrial sector, which is a key driver of the state's overall economic growth and development.
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: Policymakers, analysts, and businesses closely monitor this metric to gauge Rhode Island's economic performance and competitiveness, informing policy decisions and business strategies.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical release lag of 2-3 months.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Private Goods-Producing Industries in Rhode Island (RIPRIGOODPRORGSP), retrieved from FRED.