Louisiana posted growth of 1.7% in real gross domestic product during second quarter, compared to the previous quarter, which means the state lagged behind the national average of 2% in GDP growth.
The state was No. 29 in the nation for economic growth during first quarter and comprises 1.2% of total U.S. GDP.
It appears the majority of the state's growth was driven by mining, quarrying and oil and gas extraction, which grew by 1.5% during second quarter.
Non-durable goods manufacturing and durable goods manufacturing was much softer than earlier in the year and grew by only 0.03% and 0.28% respectively in Louisiana. Non-durable goods are often single use or short-term use materials bought by consumers like food or beauty products but also includes gasoline.
The U.S. Bureau of Economic Analysis data, released Thursday, showed that Louisiana's economic expansion has slowed. During second quarter last year, Louisiana's GDP had grown by 4.3%.
Louisiana’s GDP was more than $263 billion as of second quarter, up from $256 billion during second quarter last year.
Gross domestic product measures the market value of goods and services produced and is one widely-used benchmark for the economy.
GDP generated by construction, wholesale trade, transportation and warehousing, information, finance and insurance, educational services were all down by less than one percentage point during second quarter in the state.
Meanwhile, utilities, manufacturing, retail trade, real estate, professional services, administrative support, accommodation and food services some slight growth during second quarter.
Texas had the fastest growth GDP during second quarter with 4.7%, Wyoming sat at No. 2 for GDP growth with 4.2%, records show. Mississippi outpaced Louisiana as well with GDP growth of 2.3% and Alabama grew by 1.8% during the same time period.
Louisiana posted growth of 3.8% in real gross domestic product during first quarter, compared to the previous quarter - which means the state …