Economic Data: Maine GDP Sank 34.4% In 2nd Quarter Of 2020
Maine’s economic output fell sharply in the 2nd quarter of this year, which ran April through June. Those were the months of the greatest restrictions on business in Maine due to the coronavirus.
The federal Bureau of Economic Analysis says nationally, the gross domestic product fell at a 31% annual rate. In Maine, it was 34.4%.
The decline was more pronounced in some sectors of the economy: accommodations and food service, for example, as hotels’ business evaporated and restaurants were forced to close. There were also significant declines in durable goods manufacturing and retail sales.
By the end of the quarter in June, restrictions were easing. That makes it likely that economic output will show a gain in the 3rd quarter, which covers July-September.