Feds: Maine’s economic growth slowed substantially in 4th quarter of 2018
Maine’s economic growth slowed markedly in the 4th quarter of 2018. According to the federal Bureau of Economic Analysis, Maine’s Gross Domestic Product (GDP) grew at a rate of just 0.7 percent during the final three months of last year.
That was a sharp fall off from the 3.1 percent growth rate seen last summer. It was also the slowest growth of any state in New England, and placed Maine 46th among the states.
Wholesale businesses and real estate were the drivers of the 4th quarter’s slight increase, while finance, construction and retail sales dragged down economic growth.
But for 2018 as a whole, Maine’s economy grew at a 1.9 percent rate. That was the third best showing in New England, behind only Massachusetts and New Hampshire. It also placed Maine 28th among the states.
The biggest contributors to Maine’s economic growth in 2018 were information companies, retail sales, and real estate. The Bureau says the state’s economic output last year totaled about $65.3 billion.
This article appears through a media partnership with Maine Public.
This article originally appeared on www.bangordailynews.com.