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Louisiana economy shrinks for second straight year

7 months 1 week 6 days ago Saturday, May 05 2018 May 5, 2018 May 05, 2018 11:08 AM May 05, 2018 in News
Source: Associated Press
NEW ORLEANS - Louisiana posted the worst economic performance among the 50 states in 2017, becoming one of only three states where the economy shrank.
  
Gross domestic product numbers released Friday by the federal Bureau of Economic Analysis measure economic output of each state.
  
The state's economy contracted by 0.2 percent, getting smaller for the second straight year. Louisiana was hammered by poor economic results in the nondurable goods manufacturing sector, which includes key oil refining and chemical industries.
  
Nationwide, economic output rose 2.1 percent during 2017.
  
The Bayou State's economy also shrank in 2016, contracting 0.4 percent.
  
Louisiana's $246 billion economy remains nearly 6 percent smaller than its 2010 peak, after adjusting for inflation.
  
Washington grew most among states at 4.4 percent. Economies also contracted in Connecticut and Kansas.

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