R.I. GDP up 5.3% over year, highest increase in New England

PROVIDENCE – Rhode Island’s real gross domestic product increased 1.3 percent in the first quarter of 2018, seasonally adjusted, the fourth-highest quarterly growth rate in New England and 35th-highest among the 50 states, according to the Bureau of Economic Analysis July 24. United States real GDP increased at 1.8 percent in that time.

Year over year, Rhode Island’s GDP increased 5.3 percent to an annual rate of $61.3 billion, the highest growth rate among the New England states.

Rhode Island’s real GDP for the quarter accounted for 0.3 percent of total U.S. GDP.

Massachusetts’ annual GDP rate in the 2018 first quarter was $542.2 billion, seasonally adjusted, from $519.1 billion in the 2017 first quarter. Bay State first-quarter GDP accounted for 2.7 percent of total U.S. GDP.

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Washington ranked No. 1 in the country, with 3.6 percent GDP growth in the quarter, while North Dakota ranked last, which saw its GDP fall 0.6 percent.