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Louisiana economic growth lags nation in 2012

3 years 11 months 2 weeks ago June 06, 2013 Jun 6, 2013 Thursday, June 06 2013 June 06, 2013 11:10 AM in News
Source: Associated Press

BATON ROUGE - New figures show that Louisiana's economy grew by 1.5 percent in 2012.

Gross domestic product numbers released Thursday by the federal Bureau of Economic Analysis try to measure all of the economic output of each state.

Louisiana's 2012 growth rate was below the national average of 2.5 percent, and ranked 30th among the 50 states. It turns out 2012 was an improvement over 2011. Earlier figures had shown Louisiana's economy expanded by 0.5 percent in 2011 But revisions released Thursday show it shrank by 2.6 percent, the worst performance of any state.

Federal figures show the biggest contributor to growth in Louisiana last year came from makers of nondurable goods, including oil and chemical refiners. Swings in prices of oil and refined products can make Louisiana's output numbers very volatile.

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