Louisiana’s economic expansion has grown more slowly than the national average; here’s why | Business

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Louisiana posted 1.7% growth in real gross domestic product in the second quarter, compared to the previous quarter, meaning the state lags behind the national average of 2% GDP growth. .

The state was No. 29 in the nation for economic growth in the first quarter and accounts for 1.2% of total US GDP.

Most of the state’s growth appears to have been driven by mining, quarrying, and oil and gas extraction, which rose 1.5% in the second quarter.

The manufacturing of non-durable goods and the manufacturing of durable goods were much weaker than at the start of the year and only increased by 0.03% and 0.28% respectively in Louisiana. Non-durable goods are often single-use or short-term materials purchased by consumers such as food or beauty products, but also include gasoline.

Data from the United States Bureau of Economic Analysis, released Thursday, showed Louisiana’s economic expansion has slowed. In the second quarter of last year, Louisiana’s GDP grew 4.3%.

Louisiana’s GDP was over $ 263 billion in the second quarter, up from $ 256 billion in the second quarter of last year.

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Gross domestic product measures the market value of goods and services produced and is a widely used benchmark for the economy.

GDP generated by construction, wholesale trade, transportation and warehousing, information, finance and insurance, education services all declined by less than a percentage point in the second quarter in the state .

Meanwhile, utilities, manufacturing, retail trade, real estate, professional services, administrative support, accommodation and food services saw slight growth in the second quarter.

Texas had the fastest second-quarter GDP growth at 4.7%, Wyoming ranked No. 2 for GDP growth with 4.2%, according to records. Mississippi also overtook Louisiana with a GDP growth of 2.3% and Alabama grew 1.8% during the same period.

Louisiana posted 3.8% growth in real gross domestic product in the first quarter, compared to the previous quarter – meaning the state …


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