Arkansas GDP Growth Above US Average
Arkansas eclipsed the nation’s average GDP growth according to an annual report released by the Bureau of Economic Analysis ranking 16th in the country. Arkansas’s gross domestic product for 2013 grew at 2.4 percent, while the U.S. average slowed from 2.5 percent in 2012 to 1.8 percent.
John Shelnutt with the state Department of Finance and Administration said mining unexpectedly joined agriculture and utilities as a significant area of growth.
“It’s a fairly unusual collection of sectors providing that extra bump compared to other states. I would not expect this collection of sectors to continue to push the numbers in 2014,” said Shelnutt.
Although the mining sector – which includes oil and gas extraction – grew Arkansas’s percentage of personal income from the sector declined.
The U.S. GDP growth rate slowed from 2012 levels while Arkansas’s gained over one percent. Arkansas outperformed the average for the southeastern U.S., though neighboring states Texas and Oklahoma outperformed Arkansas.
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The report also contains revisions for numbers dating back to 1997. UALR economist Michael Pakko has analysis at his website.