Real Gross Domestic Product: Trade (42, 44-45) in Rhode Island
RITRADERGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,171.10
Year-over-Year Change
17.46%
Date Range
1/1/1997 - 1/1/2024
Summary
This economic trend measures the real gross domestic product (GDP) from the trade sector (including wholesale and retail trade) in the state of Rhode Island. It provides insight into the performance and contribution of this key industry to the state's overall economic activity.
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 from trade in Rhode Island represents the inflation-adjusted value added by the wholesale and retail trade industries to the state's total economic output. This metric is used by economists and policymakers to analyze the health and trends within this important sector of the state's 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 is relevant for understanding Rhode Island's economic composition, evaluating the state's business climate, and informing policy decisions that impact the trade sector.
Key Facts
- Rhode Island's trade sector accounts for approximately 20% of the state's total GDP.
- The trade industry is the second-largest contributor to Rhode Island's economic output.
- Real GDP from trade in Rhode Island has grown by an average of 2.5% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the real gross domestic product (GDP) from the trade sector, including wholesale and retail trade, in the state of Rhode Island.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the performance and contribution of the trade industry to Rhode Island's overall economic activity, which is crucial for understanding the state's economic composition and informing 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 economic indicator is relevant for evaluating Rhode Island's business climate and informing policy decisions that impact the trade sector, which is a key industry in the state's economy.
Q: Are there update delays or limitations?
A: There may be occasional delays in the release of this data, and the figures are subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, Real Gross Domestic Product: Trade (42, 44-45) in Rhode Island (RITRADERGSP), retrieved from FRED.