Louisiana’s real gross domestic product decreased at an annual rate of 4.3 percent during the first quarter of this year, a larger drop than the national GDP, which decreased at an annual rate of 1.6% during the first three months of 2022.
According to the latest report from the U.S. Bureau of Economic Analysis, real GDP decreased in 46 states and the District of Columbia in the first quarter of 2022. The percent change in real GDP ranged from a 1.2% increase in New Hampshire to a 9.7% decrease in Wyoming.
Neighboring Texas’ output decreased at a 2.3% annual rate in the first quarter, and Mississippi’s GDP dropped by 1.3%.
Real GDP decreased in eight of the 21 industry groups for which BEA prepares quarterly state estimates. Nondurable goods manufacturing, retail trade, and finance and insurance decreased 17%, 10.2%, and 7.1%, respectively, for the nation and were the leading contributors to the decrease in real GDP across the country. See the report.
