Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Rhode Island
RIPROBUSRQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,257.50
Year-over-Year Change
13.94%
Date Range
1/1/2005 - 1/1/2025
Summary
This economic trend measures the real gross domestic product (GDP) of the professional, scientific, and technical services sector in Rhode Island. It provides insight into the productivity and growth of this key industry in the state.
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 GDP of the professional, scientific, and technical services sector serves as an indicator of the overall economic health and competitiveness of this crucial segment of Rhode Island's economy. Analyzing this trend can help policymakers and economists understand the factors driving growth or decline in this industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of its regional GDP estimates.
Historical Context
This economic indicator is widely used by policymakers, analysts, and businesses to inform decision-making and assess the state's economic performance.
Key Facts
- Rhode Island's professional services sector accounts for over 10% of the state's total GDP.
- This industry has experienced steady growth in real GDP over the past decade.
- The professional, scientific, and technical services sector is a key driver of innovation and high-skilled employment in Rhode Island.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) of the professional, scientific, and technical services sector in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into the productivity and growth of a crucial industry in Rhode Island's economy, which can inform decision-making and policy analysis.
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 its regional GDP estimates.
Q: How is this trend used in economic policy?
A: This economic indicator is widely used by policymakers, analysts, and businesses to inform decision-making and assess the state's economic performance.
Q: Are there update delays or limitations?
A: The data is updated regularly by the Federal Reserve, but may be subject to revisions and lags typical of regional economic statistics.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Professional, Scientific, and Technical Services (54) in Rhode Island (RIPROBUSRQGSP), retrieved from FRED.