Louisiana’s real GDP growth followed national trends last quarter as the state saw a 33.1% growth at the annual rate, barely shy of the national rate of 33.4%.
Real GDP increased in all 50 states in the third quarter, according to statistics released today by the U.S. Bureau of Economic Analysis, with health care and social assistance, durable goods manufacturing, and accommodation and food services increasing in all 50 states. Health care and social assistance increased 75.1%, durable goods manufacturing grew 80.3%, and accommodation and food services increased 344.5% nationally.
Meanwhile mining, quarrying, and oil and gas decreased more than 14% nationally.
The increase in third-quarter GDP reflected continued efforts to reopen businesses and resume activities that were postponed or restricted due to COVID-19, according to the report.
“The full economic effects of the coronavirus pandemic cannot be quantified in the GDP estimate for the third quarter of the year because the impacts are generally embedded in source data and cannot be separately identified,” the report reads.
The BEA’s GDP report for the fourth quarter and entire 2020 year will be released in late March.