PROVIDENCE – Rhode Island’s gross domestic product declined at an annual rate of 32.4% in the second quarter, seasonally adjusted, the Bureau of Economic Analysis said on Friday.
The decline was the third-slowest annualized in New England. United States GDP declined at an annualized rate of 31.4% in the quarter, while New England GDP declined at a 32.3% rate.
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Rhode Island’s second quarter GDP decline ranked as having the No. 31 slowest rate of decline in the nation. In the first quarter of 2020, Rhode Island GDP declined at a 5.2% annualized rate.
GDP declined in all 50 states in the country in the quarter, ranging from annualized declines of 20.4% in the District of Columbia to 42.2% in Hawaii and Nevada. Delaware had the lowest annualized GDP decline of all states at 21.9%.
Other New England states’ annualized GDP decline in the second quarter:
- Connecticut: 31.1%, ranking No. 23 in the U.S.
- Massachusetts: 31.6%, ranking No. 28 in the U.S.
- Maine: 34.4%, ranking No. 41 in the country.
- New Hampshire: 32.4%, ranking No. 45 in the U.S.
- Vermont: 38.2%, ranking No. 47 in the nation.
