PROVIDENCE – Rhode Island real gross domestic product grew 1.6 percentage points in the fourth quarter of 2016, according to the Bureau of Economic Activity GDP report on Thursday. Generally, Rhode Island growth and decline mirror the national average trends.
Rhode Island’s retail trade and finance and insurance sectors showed the largest signs of growth in the state. Retail trade grew 0.33 percentage points in the fourth quarter, while finance and insurance GDP increased 0.30 percentage points.
Rhode Island’s sharpest decline came in the nondurable-goods manufacturing sector, where GDP decreased 0.45 percentage points.
According to the BEA report, Rhode Island had a 1.2 percentage point increase in 2016 the 27th-best percentage-point GDP growth nationally.
Finance and Insurance was the largest sustained percentage point increase for Rhode Island in 2016, increasing .54 percentage points.
At years end, New Hampshire ranked 4 in the nation with a year 3.0 percentage point increase , Massachusetts ranked 12 with a 2. percentage point increase, Maine finished 21 with a 1.4 percentage point increase. Connecticut finished the year with a 1.0 percentage point increase, 32 in the nation. Vermont performed the worst of the New England states with a .8 percentage point increase in 2016 ranking 36 in the nation.
Nationally, the GDP grew 1.5 percentage points in 2016.
Other Fourth Quarter Rhode Island GDP reports include:
- Utilities: 0.03 percentage-point decrease
- Durable-goods manufacturing: 0.02 percentage-point decrease
- Wholesale trade: 0.23 percentage-point increase
- Transportation and warehousing: 0.05 percentage-point increase
- Information: 0.01 percentage-point decrease
Rhode Island 2016 full year GDP sector reports:
- Utilities: .06 percentage-point increase
- Construction: .19 percentage-point increase
- Durable-goods manufacturing: -.03 percentage-point decrease
- Non-durable-goods manufacturing: -.12 percentage-point decrease
- Wholesale trade: .03 percentage-point increase
- Retail trade: .11 percentage-point increase
- Transportation and warehousing: .03 percentage-point increase
- Information: .01
- Finance and insurance: .54 percentage-point increase
Chris Bergenheim is the PBN web editor.
