Report: R.I. GDP grew 2.3% in Q2 2017

RHODE ISLAND'S GDP GREW 2.3 percent in the second quarter of 2017 to $58.9 billion. / COURTESY BUREAU OF ECONOMIC ANALYSIS
RHODE ISLAND'S GDP GREW 2.3 percent in the second quarter of 2017 to $58.9 billion. / COURTESY BUREAU OF ECONOMIC ANALYSIS

PROVIDENCE – Rhode Island’s gross domestic product rose 2.3 percent, seasonally adjusted, in the second quarter of 2017, according to the U.S. Bureau of Economic Analysis Tuesday.

Total GDP for the state was $58.9 billion, approximately 0.3 percent of total United States GDP.

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Rhode Island’s largest percent increase in GDP came from real estate, rental and leasing, which grew 0.38 percent in the quarter. Retail trade grew 0.36 percent in the second quarter. Finance and insurance GDP declined the most of any industry in the state for the quarter, falling 0.8 percent.

Rhode Island’s overall GDP growth rate was No. 32 in the nation and third highest in New England.

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In the second quarter of 2016, Rhode Island’s GDP grew faster at 4.4 percent.

In New England, GDP grew 1.9 percent in the second quarter. New Hampshire’s GDP grew the fastest in the second quarter in New England at a rate of 2.9 percent. Vermont ranked No. 2 for GDP growth rate (2.5 percent), followed by Rhode Island (2.3 percent), Massachusetts (2 percent), Maine (2 percent) and Connecticut (1.4 percent).

Nationally, GDP grew 2.8 percent in the second quarter. North Dakota had the fastest growth rate of any state in the nation at 8.3 percent in the quarter.

Chris Bergenheim is the PBN web editor.

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