PROVIDENCE – Gross domestic product in Rhode Island grew at an annualized rate of 2.8 percent in the second quarter, the fourth-slowest rate in the nation and the slowest rate in New England, according to the Bureau of Economic Analysis Wednesday.
United States GDP increased at an annualized 4.2 percent in the second quarter, 1.4 percentage points higher than Rhode Island and 0.5 percentage points higher than the annualized New England GDP growth rate of 3.7 percent.
Rhode Island GDP had increased at an annualized 0.4 percent in the first quarter and declined at a 1.2 percent annualized rate in the fourth quarter of 2017.
Year over year, the Ocean State’s annualized growth rate of GDP declined 2.6 percentage points in the second quarter from 5.4 percent in the April-June 2017 period.
The second-quarter annualized GDP for Rhode Island was valued at $61.2 billion, accounting for 0.3 percent of the total U.S. GDP, which was estimated to have a full-year value of $20.4 trillion.
New England second-quarter annualized GDP growth rates:
- New Hampshire: 4.6 percent, ranking No. 8 in the U.S.
- Massachusetts: 4 percent, ranking No. 17 in the nation
- Maine: 3.4 percent, ranking No. 36 in the country
- Vermont: 3.4 percent, ranking No. 38 in the U.S
- Connecticut: 3.1 percent, ranking No. 43 in the country
- Rhode Island: 2.8 percent, ranking No. 47 in the nation
Massachusetts’ annualized GDP growth rate in the second quarter increased 0.3 percentage points year over year and remained level with the first quarter of 2018.
All 50 states experienced second-quarter annualized GDP growth rates. Texas ranked No. 1 for annualized second-quarter GDP growth at 6 percent. Delaware ranked last at 2.5 percent annualized.
Chris Bergenheim is the PBN web editor. Email him at Bergenhiem@PBN.com.
