PROVIDENCE – Rhode Island’s economy grew at an annual rate of 0.7 percent in the first three months of 2017 to $58.9 billion, according to seasonally adjusted, real gross domestic product data released Wednesday by the Bureau of Economic Analysis.
Of that growth, the largest contributing sectors in the state were construction, durable-goods manufacturing and wholesale trade. The largest drags on the Rhode Island GDP were finance and insurance, retail trade, and management of companies and enterprises.
Rhode Island’s GDP rate of growth ranks No. 35 in the nation and No. 5 in New England ahead of only Connecticut in the region.
The Ocean State’s GDP first-quarter growth rate was 0.5 percentage points lower than the national average of 1.2 percent and 0.2 percentage points less than New England’s rise of 0.9 percent. Rhode Island’s GDP constituted 0.3 percent of all U.S. GDP.
For reference, New England accounted for 5.4 percent of U.S. GDP in the first quarter.
The BEA’s report also showed that Rhode Island’s GDP rose 1.2 percent over the entirety of 2016.
Massachusetts GDP increased 1.1 percent in the first quarter of 2017 to $520 billion. Massachusetts GDP growth ranked No. 1 in New England (No. 25 in the nation) in that quarter and constituted 2.7 percent of the national GDP, more than the rest of the states’ GDP in New England combined.
Texas reported the largest GDP growth percentage of any state in the nation with a 3.9 percent increase in the first quarter of 2017. Nebraska’s GDP declined at the fastest rate in the country, contracting 4 percent.
Chris Bergenheim is the PBN web editor.
