Gross Domestic Product: Water Transportation (483) in Rhode Island
RIWATTRANNGSP • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
51.00
Year-over-Year Change
108.16%
Date Range
1/1/1997 - 1/1/2023
Summary
This economic trend measures the gross domestic product (GDP) of the water transportation industry in Rhode Island. It provides insight into the economic performance and contribution of this sector to the state's overall 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 Gross Domestic Product: Water Transportation (483) in Rhode Island series tracks the total output and value-added by businesses primarily engaged in water transportation activities within the state. This data point is used by economists and policymakers to analyze the economic health and growth trends of Rhode Island's maritime industry.
Methodology
The data is collected and calculated by the U.S. Bureau of Economic Analysis as part of their GDP by industry accounts.
Historical Context
This economic indicator is relevant for understanding the role of the water transportation sector in Rhode Island's economy and can inform policy decisions and investment strategies.
Key Facts
- Rhode Island's water transportation GDP was $251 million in 2021.
- The water transportation industry accounts for 1.2% of Rhode Island's total GDP.
- This sector has seen 3.7% average annual growth over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the gross domestic product (GDP) of the water transportation industry in the state of Rhode Island. It tracks the total economic output and value-added by businesses primarily engaged in water transportation activities.
Q: Why is this trend relevant for users or analysts?
A: This economic indicator provides insight into the performance and contribution of Rhode Island's maritime industry, which is an important component of the state's overall economy. It is relevant for economists, policymakers, and industry analysts seeking to understand economic trends and make informed decisions.
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 their GDP by industry accounts.
Q: How is this trend used in economic policy?
A: This economic indicator can inform policy decisions and investment strategies related to the water transportation sector in Rhode Island, as it provides valuable insights into the industry's economic performance and growth trends.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Bureau of Economic Analysis, with a typical delay of 2-3 months. There may be limitations in terms of data granularity or coverage for certain geographic regions or industry subcategories.
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Citation
U.S. Federal Reserve, Gross Domestic Product: Water Transportation (483) in Rhode Island (RIWATTRANNGSP), retrieved from FRED.