Updated January 24 at 4:24pm
ECONOMIC INDICATORS

Real GDP in Providence metro rises 0.9% in 2011

Posted:

WASHINGTON – Real gross domestic product increased in 242 of the nation’s 366 metropolitan areas in 2011, including the Providence-New Bedford-Fall River area, according to new statistics released Friday by the U.S. Bureau of Economic Analysis.

The real GDP in the metro area in 2011 was $59.3 million in chained 2005 dollars, the 169th highest in the U.S. and a 0.9 percent increase from the $58.8 million reported in 2010.

Industries that contributed positively to the 0.9 percent real GDP change in the Providence metro area included: information (0.27 percent), professional and business services (0.39 percent), education and health services (0.06 percent), leisure and hospitality (0.08 percent), and government (0.25 percent).

Industries that decreased year over year and contributed negatively to the 2011 real GDP included: natural resources and mining (0.04 percent), transportation and utilities (0.08 percent), financial activities (0.22 percent) and “other services” (0.01 percent).

The BEA analysis did not include the year-over-year changes in the Providence metro area’s construction, durable-goods manufacturing, nondurable-goods manufacturing or trade industries.

The U.S. as a whole saw its real GDP increase 1.5 percent from 2010. Improvement was led by growth in professional and business services, durable-goods manufacturing and trade.

The report also listed the Providence metro area’s GDP in current U.S. dollars. The 2011 GDP in current dollars is $68.1 billion, the 43rd highest in the United States and a 2.9 percent increase from the $66.2 billion reported in 2010.

To view the full BEA report, visit: www.bea.gov.

GDP, gross domestic product, rhode island, providence-fall river-new bedford, new bedford, fall river, u.s. bureau of economic analysis

Comments

No comments on this story | Please log in to comment by clicking here
Please log in or register to add your comment
Latest News