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

RHODE ISLAND'S GDP declined at a 6.2% annualized rate in the first quarter, the seventh-sharpest contraction of all states in the country. / COURTESY BUREAU OF ECONOMIC ANALYSIS
RHODE ISLAND'S GDP declined at a 6.2% annualized rate in the first quarter, the seventh-sharpest contraction of all states in the country. / COURTESY BUREAU OF ECONOMIC ANALYSIS

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.

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.

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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.

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