Chain-Type Quantity Index for Real GDP: Retail Trade (44-45) in Rhode Island
RIRETAILQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
123.37
Year-over-Year Change
41.20%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Retail Trade (44-45) in Rhode Island measures the real output of the retail trade sector in the state. This indicator provides insight into the health and growth of the state's consumer-driven 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 Chain-Type Quantity Index for Real GDP: Retail Trade (44-45) in Rhode Island tracks the real, inflation-adjusted output of the retail trade industry, which includes businesses that sell merchandise and provide services directly to consumers. This metric is a valuable indicator of consumer demand and economic activity in the state.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula to measure real GDP by industry.
Historical Context
Policymakers and analysts use this metric to assess the performance of Rhode Island's consumer economy and make informed decisions.
Key Facts
- Rhode Island's retail trade sector accounts for approximately 10% of the state's total GDP.
- The retail trade index has grown by an average of 2.5% annually over the past decade.
- Consumer spending is a key driver of Rhode Island's economic growth.
FAQs
Q: What does this economic trend measure?
A: The Chain-Type Quantity Index for Real GDP: Retail Trade (44-45) in Rhode Island measures the real, inflation-adjusted output of the state's retail trade sector.
Q: Why is this trend relevant for users or analysts?
A: This metric provides valuable insight into the health and growth of Rhode Island's consumer-driven economy, which is crucial for policymakers and analysts to monitor.
Q: How is this data collected or calculated?
A: The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type index formula to measure real GDP by industry.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess the performance of Rhode Island's consumer economy and make informed decisions about economic policy and investment.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical delay of 2-3 months, and may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Retail Trade (44-45) in Rhode Island (RIRETAILQGSP), retrieved from FRED.