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Business and Economy

Maine's GDP Grew In The 3rd Quarter Of Last Year

Maine's economic growth accelerated in the third quarter of last year, according to statistics released Friday by the U.S. Bureau of Economic Analysis. The Bureau reported Maine's Gross Domestic Product (GDP) grew at a 2.1 percent rate. That was faster than the .6 percent growth rate of the 2nd quarter of 2019.

The biggest contributor to economic growth in the July-to-September quarter was retail sales. That was followed by the accommodation and food service sector. The third quarter did include the height of the summer tourist season. Slowing output was reported in the Finance and insurance, government, and utilities sectors.

New Hampshire and Massachusetts economies each grew at a slightly faster, 2.2 percent rate. Rhode Island had the slowest growth in New England, just 1.6 percent. Nationally, Texas had the fastest GDP growth of any state at 4 percent. Delaware's economy recorded no growth in output, the only state in the U.S. that didn't register any economic growth in last year's third quarter