Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Rhode Island
RIPROBUSRGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
9,580.90
Year-over-Year Change
55.45%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures real gross domestic product (GDP) for the professional and business services sector in Rhode Island. It provides insights into the performance and growth of a key industry in 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: Professional and Business Services (54, 55, 56) in Rhode Island series tracks the inflation-adjusted output of firms engaged in professional, scientific, technical, management, administrative, and waste management services. This metric is used by economists and policymakers to assess the health and dynamics of Rhode Island's service-based economy.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis using established national accounting principles.
Historical Context
This economic indicator helps inform decisions related to economic development, workforce planning, and fiscal policies in Rhode Island.
Key Facts
- Rhode Island's professional and business services sector accounts for over 15% of the state's total GDP.
- This industry has seen steady growth, expanding by an average of 2.5% annually over the past decade.
- The COVID-19 pandemic led to a 3.2% decline in real GDP for this sector in Rhode Island in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real (inflation-adjusted) gross domestic product (GDP) for the professional and business services sector in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the performance and growth of a key industry in Rhode Island's economy, which can inform economic development strategies, workforce planning, 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 indicator helps inform decisions related to economic development, workforce planning, and fiscal policies in Rhode Island.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of approximately 3 months, which may limit its timeliness for certain applications.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional and Business Services (54, 55, 56) in Rhode Island (RIPROBUSRGSP), retrieved from FRED.