PROVIDENCE – The Rhode Island real gross domestic product increased by 1.6 percent from 2016 to 2017, according to a U.S. Bureau of Economic Analysis released Friday.
The BEA said that Rhode Island had the No. 29 largest real GDP growth rate in the nation in 2017. Washington was No. 1 for real GDP growth rate at 4.4 percent, while Louisiana ranked last with a 0.2 percent decline.
Expanding Women’s Health in Newport
South County Health has expanded its award-winning Center for Women’s Health to Newport, offering a…
Learn More
Rhode Island’s GDP growth rate in 2017 was the third highest in New England. Massachusetts ranked No. 11 in the United States with a 2.6 percent growth rate, the best in the region, while Connecticut ranked No. 49, the worst in the region with a 0.2 percent decline. New Hampshire ranked No. 2 in the region and No. 22 in the nation with a 1.9 percent real GDP growth rate. Maine ranked No. 31, fourth in the region and No. 31 nationally with a 1.4 percent growth. Vermont ranked fifth in New England and No. 35 in the nation with growth of 1.1 percent.
Rhode Island’s GDP for 2017 was $60.7 billion in current dollars. For comparison purposes, Rhode Island’s real GDP for 2017, in chained 2009 dollars, was $51.9 billion.
Among the sector contributions to real GDP growth in 2017:
- Finance and insurance contributed 1.13 percentage points to real GDP growth year over year, more than any other sector
- Durable goods manufacturing contributed 0.22 real GDP percentage point growth year over year
- Wholesale and retail sales both accounted for 0.21 percentage point contributions to real GDP growth year over year in 2017
- Professional, scientific and technical services contributed 0.18 percentage points to growth in 2017
- Administrative, and support and waste management and remediation services added 0.16 percentage points to state real GDP growth
- Real estate, rental and leasing accounted for 0.15 percentage point of growth contribution year over year
- Information services contributed the largest downturn year over year for percentage point contribution to loss, accounting for 0.48 percentage points of decline in 2017.
- Government and government enterprises contributed 0.29 percentage points to real GDP decline in 2017
- Health care and social assistance contributed a 0.1 percentage point decline in 2017
Chris Bergenheim is the PBN web editor.
