PROVIDENCE – Rhode Island’s annualized growth rate of real gross domestic product in the third quarter was slightly below the national average of 2.3%, according to Bureau of Economic Analysis data released Thursday.
GDP in Rhode Island increased at an annualized rate of 2.2% in the third quarter, the third-highest rate among New England states and 20th in the U.S.
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The GDP growth nationally was driven by increases in professional, scientific and technical services; finance and insurance; and government and government enterprises were the leading contributors to the increase in real GDP nationally.
Like most states, Rhode Island’s GDP growth rate was driven by a sharp increase in the accommodation and food services sector, as well as increases in government and government enterprises, health care and social assistance, and real estate rental and leasing. GDP growth in the state was offset by a decline in retail trade.
In the previous quarter, DDP in Rhode Island increased at an annualized rate of 7.5%, higher than the national annual growth rate of 6.7%.
Other New England states’ annualized GDP growth rates in the third quarter:
Massachusetts: 3.7%, No. 3 in the U.S.
Connecticut: 2.7%, No. 15.
Maine: 1.7%, No. 25.
Vermont: 0.4%, No. 35.
New Hampshire: -3.3%, No. 49.
Nationally, Hawaii had the highest annual rate of increase among all states in the third quarter, increasing at a rate of 6%, followed by Delaware at 4.7%.
