R.I. ranks 33rd in country for 1.4% GDP growth in 2013
RHODE ISLAND RANKED 33rd in the nation and third in New England for its 2013 GDP growth rate of 1.4 percent. By region, New England’s growth rate of 1.3 percent ranked second-lowest in the United States.
WASHINGTON – Rhode Island’s gross domestic product grew 1.4 percent in real terms in 2013, according to data released Wednesday by the U.S. Bureau of Economic Analysis, ranking the Ocean State 33rd in the country for economic growth during the year.
In 2012, Rhode Island ranked 34th nationwide for its GDP growth of 1.3 percent.
Among the six New England states, Vermont saw the most significant rise in state GDP last year, ranking No. 22 nationally for its 1.9 percent economic growth rate. Massachusetts came in second in New England and No. 28 in the country, with GDP growth of 1.6 percent, followed by Rhode Island.
Connecticut, New Hampshire and Maine each reported a GDP growth rate of 0.9 percent for 2013, ranking No. 39, No. 40 and No. 41, respectively.
Nationwide, North Dakota topped the BEA ranking with 9.7 percent GDP growth last year, while Alaska ranked last for its 2.5 percent drop in GDP. Alaska and the District of Columbia (with a decline in GDP of 0.5 percent) were the only regions in the country to see their economies contract in 2013.
In Rhode Island, the finance and insurance industry was the largest contributor to GDP growth, with an increase of 0.41 percent in 2013. Corporate management also made a significant contribution, with an increase of 0.35 percent, followed by real estate and leasing with 0.23 percent and health care and social assistance with 0.22 percent.
Rhode Island’s information industry was hardest hit last year, with real gross domestic product dropping 0.3 percent.
Nationwide, the U.S. gross domestic product grew 1.8 percent in 2013, a less significant increase than the 2.5 percent reported for 2012.
By region, the Rocky Mountain territories saw the highest economic growth rate in the U.S., at 4.1 percent, while the Mideast (or mid-Atlantic states) saw the lowest at seven-tenths of a percent. New England’s growth rate of 1.3 percent ranked second-lowest among the eight national regions.