Louisiana GDP grows by 5.1% since 2016, outpaces nation

The Bureau of Economic Analysis released figures Wednesday morning that Louisiana has the 11th highest growth rate with a 5.1 percent GDP.

The annual growth rate is from 2016-2018, which outpaces the national average of 4.7 percent.

When compared to last year’s total GDP figures, Louisiana GDP has increased by $13.98 billion – from $238.1 billion in 2017, to $252.1 in 2018.

“Louisiana’s GDP has continued its pattern of sustained growth since this time last year, and from the previous quarter,” said LWC Secretary Ava Dejoie. “Our work is never finished, and we will continue to help businesses and individuals achieve prosperity and growth.”

In the fourth quarter of 2018, Louisiana’s GDP grew by $1.85 billion, a 1.3 percent increase.

Louisiana’s GDP increased from $252 billion in 2018’s third quarter to $255.5 billion in the fourth quarter, making it the highest figure on record. Its GDP marks nine consecutive quarters of GDP growth.

Several industries, such as Mining, quarrying, and oil and gas extraction (1.17 GDP percentage points) as well as real estate (.43 1.17 GDP percentage points) contributed to the growth.