Pennsylvania ranked 32nd among states with increases in gross domestic product, according to the most updated list of statistics from the U.S. Bureau of Economic Analysis.
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BEA officials revealed the rankings for the third quarter of 2018 in a recent report. Pennsylvania’s GPD grew 2.8 percent between July and September of last year. The national GDP during the same period clocked in at 3.4 percent growth.
GDP is a statistical figure denoting the market value of goods and services produced by the labor and property. The metric is used to gauge growth across the nation and within states.
Numbers crunched within the federal agency reveal Pennsylvania’s total GDP was $797.7 billion for the quarter, up from the $788.8 billion in the second quarter and $774.8 billion in the first quarter of 2018.
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The commonwealth’s GDP in the first and second quarters of 2018 grew 0.6 percent and 3.6 percent, respectively.
The Pennsylvania Department of Community and Economic Development did not respond to a request for comment on the fresh set of GDP figures.
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The BEA lumps Pennsylvania into a “mideast” region that also includes Delaware, Maryland, New Jersey, New York and Washington, D.C. Collectively, the region’s GDP in the third quarter rose 2.8 percent, putting Pennsylvania squarely in the median.
Within the region, Delaware was the largest gainer with a GDP increase of 3.4 percent in the third quarter. Washington, D.C., received the smallest gains of 1.9 percent.
