PROVIDENCE – Rhode Island’s gross domestic product increased at an estimated 7.9% annualized rate in the first quarter of 2021, the second-highest rate in New England, the Bureau of Economic Analysis said on Friday.
Largely mirroring national GDP trends, Rhode Island’s GDP expanded at an annualized rate of 2.6% in the fourth quarter of 2020 and 35.5% in the third quarter, after contracting for multiple quarters due to the effects of the COVID-19 pandemic.
Webster Bank Celebrates 90 Years
By Samuel Hanna, Executive Managing Director, Commercial Real Estate, Webster Bank This year, Webster Bank…
Learn More
U.S. GDP increased at an annual rate of 6.4% in the first quarter, and GDP growth rates in that time ranged from 10.9% in Nevada to 2.9% in the District of Columbia.
The highest first-quarter growth rate in New England occurred in New Hampshire, where GDP was estimated to have grown at an annualized rate of 8.4%.
Other New England state’s annualized GDP growth rates in the first quarter:
- Massachusetts: 7.2%
- Vermont: 6.1%
- Connecticut: 6%
- Maine: 5.2%
