Gross Domestic Product: Retail Trade (44-45) in Rhode Island
RIRETAILNQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,464.40
Year-over-Year Change
18.19%
Date Range
1/1/2005 - 1/1/2025
Summary
The Gross Domestic Product: Retail Trade (44-45) in Rhode Island measures the economic output of the retail trade sector in the state. This metric is a key indicator of consumer demand and overall economic health.
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 Retail Trade GDP series captures the total value of goods and services produced by Rhode Island's retail industry, which includes stores selling consumer products like apparel, electronics, and groceries. This metric is used by economists and policymakers to assess the state's economic performance and consumer spending trends.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic models.
Historical Context
Retail trade data provides insight into consumer confidence and spending patterns that can inform economic and monetary policy decisions.
Key Facts
- Retail trade accounts for over 10% of Rhode Island's GDP.
- Retail GDP in Rhode Island grew by 3.2% in 2021.
- The state's largest retail sectors are motor vehicle, food, and general merchandise sales.
FAQs
Q: What does this economic trend measure?
A: The Gross Domestic Product: Retail Trade (44-45) in Rhode Island measures the total economic output of the retail sector in the state.
Q: Why is this trend relevant for users or analysts?
A: Retail trade data provides insights into consumer spending and confidence, which are crucial indicators of overall economic health and performance.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the U.S. Bureau of Economic Analysis based on surveys and economic models.
Q: How is this trend used in economic policy?
A: Retail trade data can inform economic and monetary policy decisions by signaling changes in consumer demand and spending patterns.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Retail Trade (44-45) in Rhode Island (RIRETAILNQGSP), retrieved from FRED.