Real gross domestic product grew by 2.7 percent in Washington and Oregon in 2013, with Idaho clocking a 4.1 percent increase. Alaska’s GDP declined by 2.5 percent, a big exception to the Northwest’s performance. The data come from a report today by the federal Bureau of Economic Analysis showing national output advancing 1.8 percent compared with 2.5 percent the year before. The “real” means adjusted for inflation.
As in much of the country, non-durable manufacturing was the biggest driver of Washington’s growth. Idaho got its big boost from agriculture, forestry, hunting and fishing.
Still, Washington’s growth was lower than the revised 3.4 percent for 2012. As you’ll see from the chart below, the state was below its peak for year-over-year growth as of 2012, and the latest numbers wouldn’t change that.
With the fracking boom (and no cost for burning greenhouse gases into the global commons of the atmosphere), North Dakota ranked No. 1 in GDP growth last year, up 9.7 percent. Alaska ranked 50th.
Wednesday Reading: Why income redistribution doesn’t hurt growth | Mark Thoma
Today’s Econ Haiku:
A trenta tax probe
Of Starbucks in the EU
Here, not even tall