PROVIDENCE – Rhode Island real gross domestic product increased at a 1.5% annual rate in the second quarter of 2019, seasonally adjusted, according to a report from the U.S. Bureau of Economic Analysis Thursday.
The rate of increase was slower than the 2% annualized growth rate in national GDP growth for the quarter, but ranked No.2 for growth rate in New England behind Massachusetts.
Rhode Island’s GDP growth rate ranked No. 35 nationally. The second quarter rate also marked a slowdown from a 4.8% annualized growth rate in the first quarter and a 2.6% growth rate one year prior.
Rhode Island GDP consistently constitutes 0.3% of the national GDP, with an annualized output of $63.2 billion in the second quarter.
The sectors that contributed the largest amount of growth in Ocean State GDP in the quarter were the finance and insurance sector, government and government enterprises and utilities. The increases were offset by a decline in wholesale trade GDP and educational services.
Overall New England GDP increased at a 1.3% annualized rate in the quarter.
New England annualized GDP growth rates in the second quarter:
- Massachusetts: 1.5%, ranking No. 34 in the U.S.
- Rhode Island: 1.5%, ranking No. 35 in the U.S.
- New Hampshire: 1.4%, ranking No. 36 in the country
- Vermont: 1.3%, ranking No. 37 in the U.S.
- Connecticut: 1%, ranking No. 47 in the U.S.
- Maine: 0.6%, ranking No. 49 in the U.S.
Texas ranked No. 1 in the country for annualized GDP growth rate in the second quarter, rising at a 4.7% pace.
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
