PROVIDENCE – Rhode Island gross domestic product increased 0.6 percent in 2018, the fourth-lowest growth rate in the nation, according to the U.S. Bureau of Economic Analysis Wednesday.
United States GDP increased 2.9% in 2018, while New England GDP increased 2%. Alaska had the only GDP decline of all states, falling 0.3% for the year. The largest GDP increase in the nation was in Washington, which grew 5.7%.
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In the three previous years, Rhode Island GDP had increased 1.5% (2015), 0% (2016), and 0.8% (2017).
New England 2018 GDP growth rates:
- Massachusetts 2.7% (No. 15 in the U.S.)
- New Hampshire: 2.2% (No. 21 in the nation)
- Maine: 1.9% (No. 28 in the U.S.)
- Vermont: 1.2% (No. 40 in the U.S.)
- Connecticut: 1% (No. 44 in the nation)
- Rhode Island 0.6% (No. 47 in the U.S.)
New England’s 2% GDP growth rate in 2018 was tied for lowest in the nation, among the eight regions in the study. The Far West region ranked No. 1 with growth of 3.7%.
Fourth-quarter GDP figures:
Rhode Island gross domestic product increased at a seasonally adjusted, annualized rate of 0.6% in the fourth quarter of 2018, the eighth slowest rate in the United States,
The GDP growth rate in the Ocean State was the second lowest in New England, only head of Maine’s 0.7% annualized growth rate.
Delaware had the lowest rate at 0% change for the quarter. Texas had the highest GDP growth rate of an annualized 6.6%.
Rhode Island’s 1% GDP growth rate was a turnaround from the previous quarter, where GDP declined at an annualized rate of 5.7%. The rate improved year over year as well, as the annualized GDP decline in the fourth quarter of 2017 was 0.6%.
2018 GDP growth rates for Rhode Island (annualized):
- First quarter: 1.3%
- Second quarter: 3.2%
- Third quarter: -5.7%
- Fourth quarter: 1%
New England GDP increased an annualized 1.7% in the fourth quarter, compared with U.S. GDP growth rate of 2.2%. The highest regional GDP growth rate in the fourth quarter of 2018 was the Southwest, increasing at an annualized 5.9%. The lowest of the eight regions in the report was the Mideast region, increasing at a 1.1% annualized rate. New England had the fourth-slowest GDP growth rate for the quarter among all regions.
New England fourth quarter GDP growth rates (annualized):
- Vermont: 1.9% (No. 20 in the U.S.)
- Massachusetts: 1.8% (No. 26 in the U.S.)
- Connecticut: 1.8% (No. 27 in the U.S.)
- New Hampshire (1.7% (No. 30 in the U.S.)
- Rhode Island: 1% (No. 43 in the U.S.)
- Maine: 0.7% (No. 46 in the U.S.)
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.
