Louisiana’s gross domestic product dropped by 5.5% in 2020 when compared to 2019, a steeper drop than the rest of the country, which declined an average of 3.5%, according to the latest data from the Federal Bureau of Economic Analysis.
The numbers released today show that gains in Louisiana’s GDP during the last part of 2020 were not enough to compensate for the pandemic’s effects throughout the earlier parts of the year.
Louisiana’s annualized fourth-quarter GDP was $248 billion, down more than $10 billion from the same quarter in 2019. There was a small increase in production between the third and fourth quarters, as the state saw recovery in the health care and social assistance sector, according to the BEA report.
Louisiana was hit harder than other Southeastern states; real GDP in Mississippi was down 2.8% and Arkansas GRP was down 2.6%. Texas saw a 3.5% drop.
Only a few states saw worse GDP losses than Louisiana: Wyoming (7%), New York (5.9%) and Hawaii (8%). See the report.