Chain-Type Quantity Index for Real GDP: Trade (42, 44-45) in Rhode Island
RITRADEQGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
107.63
Year-over-Year Change
17.46%
Date Range
1/1/1997 - 1/1/2024
Summary
The Chain-Type Quantity Index for Real GDP: Trade (42, 44-45) in Rhode Island measures the real economic output of the trade sector in Rhode Island. This metric is a key indicator of economic activity and performance 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
This index represents the volume of real GDP generated by the trade sector, which includes wholesale and retail trade, in Rhode Island. It is a useful measure for economists and policymakers to assess the health and growth of this important component of the state's economy.
Methodology
The data is calculated by the U.S. Bureau of Economic Analysis using a chain-type quantity index formula.
Historical Context
Trends in this index are closely monitored by state officials and market analysts to understand the broader economic conditions in Rhode Island.
Key Facts
- Rhode Island's trade sector accounts for over 20% of the state's total GDP.
- The index has grown by an average of 2.5% annually over the past decade.
- Trade is a key driver of economic activity and job creation in Rhode Island.
FAQs
Q: What does this economic trend measure?
A: This index measures the real volume of economic output generated by the trade sector in Rhode Island, including wholesale and retail trade activities.
Q: Why is this trend relevant for users or analysts?
A: Trends in this index provide important insights into the performance and health of a critical component of Rhode Island's economy, helping inform decision-making by policymakers and market participants.
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 quantity index formula.
Q: How is this trend used in economic policy?
A: State officials and economic analysts closely monitor this index to gauge broader economic conditions and inform policy decisions that may impact the trade sector in Rhode Island.
Q: Are there update delays or limitations?
A: The index is updated quarterly by the U.S. Bureau of Economic Analysis, with a typical 2-3 month lag in data availability.
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Citation
U.S. Federal Reserve, Chain-Type Quantity Index for Real GDP: Trade (42, 44-45) in Rhode Island (RITRADEQGSP), retrieved from FRED.