Rhode Island economic development, GDP size and rank

Rhode Island economic development and output

The economic output of the state of Rhode Island was $47 billion in 2008. That figure is based on current 2008 dollars (nominal GDP), while the inflation adjusted GDP, real GDP, based on prices in the year 2000, was $38 billion in 2008, according to data from the U.S. Department of Commerce.

The data for economic growth show Rhode Island GDP grew at 1.4% in nominal terms in 2008 compared to 2007, in real terms the growth was -0.9%.

During the years of 2000-2008, Rhode Island GDP grew at an annual rate of 4.4% in nominal terms and in real terms the economy grew by 1.6%.

Rhode Island economy rank

The Rhode Island economy is the 46th largest in the United States, behind Alaska and ahead of South Dakota.

Real estate

Real estate led all sectors in the state's economy. Real estate contributed $7 billion in economic development in 2008, that's 14.7% of the total economic output of Rhode Island.

Government

Coming in second adding $6.1 billion, the government sector was responsible for 12.9% of the Rhode Island economy in 2008.

Finance and insurance, manufacturing, healthcare

Finance and insurance accounted for 11.2% of the economic output with a contribution of $5.3 billion.

Ranking fourth and fifth biggest sectors in the state were manufacturing $4.7 billion and healthcare $4.5 billion, respectively.