PROVIDENCE – Rhode Island’s gross domestic product increased at a 2.9 percent seasonally adjusted, annualized rate in the third quarter of 2018, according to the U.S. Bureau of Economic Analysis Tuesday.
The Rhode Island economy’s growth rate ranked No. 27 in the nation and fourth in New England. The United States GDP increased at a 3.4 percent seasonally adjusted, annualized rate in the third quarter. In New England, the GDP increased at a 3.3 percent annualized rate.
New England annualized GDP growth rates in the third quarter:
- New Hampshire: 3.7 percent – No. 10 in the U.S.
- Massachusetts: 3.5 percent – No. 16 in the country
- Connecticut: 3.3 percent – No. 21 in the U.S.
- Rhode Island: 2.9 percent – No. 27 in the U.S.
- Maine: 2.6 percent – No. 35 in the nation
- Vermont: 2.2 percent, – No. 39 in the country
In the second quarter of 2018, Rhode Island GDP increased at an annualized 2.8 percent, the lowest in all of New England, while one year prior in the third quarter of 2017, the state GDP increased at an annualized 0.7 percent.
Washington had the highest annualized GDP growth rate in the country in the quarter at 5.8 percent.
The BEA said that GDP increased in 49 states as well as in the District of Colombia in the third quarter. West Virginia was reported to have a 0 percent annualized shift in GDP in the third quarter.
Wholesale trade, information services, finance and insurance and retail trade were the leading contributors to GDP growth nationally.
Chris Bergenheim is the PBN web editor. Email him at Bergenheim@PBN.com.
