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January 13, 2020

Maine's economy accelerated in Q3 of 2019

Maine’s economy grew faster in the third quarter of 2019 than in the prior three months, according to data released Friday by the U.S. Department of Commerce.

Real gross domestic product for the state increased 2.1% from July through September, compared to just 0.6% in Q2. Retail sales accounted for nearly one-third of that growth, according to seasonally adjusted figures.

Real gross domestic product is the market value of all goods and services produced, adjusted for inflation.

Retail was also a strong driver of GDP everywhere, increasing 8.2% for the country as a whole and growing in all 50 states and the District of Columbia.

Texas experienced the highest GDP growth for the quarter, 4%, while Delaware was the only state where GDP did not grow, staying completely flat.

Within New England, Maine’s growth was middle-of-the-pack. Both the Massachusetts and New Hampshire economies expanded by 2.2%, while the Connecticut GDP grew at the same pace as Maine’s. Vermont’s GDP growth was 1.8% and Rhode Island tailed the region in growth at 1.6%.

Of the 11 sectors tracked by the GDP data, three shrank slightly in Maine, each declining less than 1%: durable goods manufacturing, finance and insurance, and utilities.

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