GDP growth rate in New York lags national average

Andrew Green//July 29, 2016//

Andrew Green//July 29, 2016//

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Following a flat final quarter of 2015, New York’s real GDP—the market value of goods and services produced by labor and property in the state—grew at an annualized, seasonally adjusted rate of 0.5 percent in the first quarter of 2016, according to a report published Wednesday by the U.S. Bureau of Economic Analysis. The growth rate by state averaged 1.2 percent nationwide, ranging from Arkansas’ 3.9 percent to -11.4 percent in North Dakota. New York’s GDP of $1.48 trillion in the first quarter of 2016 comprised 8.1 percent of the U.S. total, according to the BEA report.

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