Louisiana's gross domestic product fell faster than the national average during the first quarter as the economic slump tied to coronavirus pandemic restrictions was just getting started across the country.
Louisiana's GDP fell 6.6% between the fourth quarter of 2019 and this year's first quarter, compared to the national average of a 5% slip in GDP. The U.S. Bureau of Economic Analysis data showed Louisiana's GDP dropped to $262 billion from $267 billion.
Not a single state had GDP growth during the first quarter compared to fourth-quarter 2019.
Gross domestic product measures the market value of all goods and services produced and is one widely-used benchmark for the economy. The data provides only a partial first glimpse of the state economy as the mid-March stay-at-home order was imposed in the state to slow the spread of the coronavirus.
Nebraska's GDP dropped the least, by 1.3%, followed by South Dakota, 2.2%, then Texas at 2.5%.
Louisiana's 6.6% drop was the fourth-biggest percentage in the country. Nearby Mississippi's GDP fell by 5.2%, while Alabama dropped by 4.8%.
Nearly all industries in the state were down, with the exception of agriculture, forestry and fishing; utilities; and management of companies, which were up less than 1% each.
Manufacturing is typically a strong driver of GDP in Louisiana, but both long-lasting durable and short-lived nondurable goods were down by 0.1% and 1.8%, respectively.
Mining and quarrying, which includes oil and gas extraction, was down less than 1%, as were construction; wholesale trade; transportation and warehousing; real estate; arts and entertainment; retail trade; finance and insurance; professional and technical services; administrative support; government; health care and social assistance; food service; and accommodation; and other services. Educational services was flat.
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