R.I. GDP declines at 6.2% annual rate in Q1, seventh-sharpest slowdown in U.S.

PROVIDENCE – Real gross domestic product in Rhode Island declined at a 6.2% annual rate in the first quarter, according to the Bureau of Economic Analysis Tuesday.

The decline was the second-highest percentage in New England, only ahead of Maine. New England GDP declined at a 5.2% annual rate overall in the quarter.

PBN Branded Content

Diversity matters at Amgen

We believe our differences lead to better science and better business outcomes, enabling us to…

Learn More

Real GDP declined in all 50 states in the first quarter due to the COVID-19 pandemic, ranging from a 1.3% annualized rate of decline in Nebraska to an 8.2% annualized rate of decline in New York and Nevada.

Rhode Island’s rate of GDP decline ranked seventh worst in the country.

New England annualized real GDP declines in the first quarter:

• Maine: Declined 6.3%, ranking No. 45 in the U.S.
• Vermont: Declined 6.1%, ranking No. 42 in the country.
• New Hampshire: Declined 5.7%, ranking No. 40 in the U.S.
• Massachusetts: Declined 5.1%, ranking No. 30 in the nation.
• Connecticut: Declined 4.6%, ranking No. 18 in the U.S.