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Maryland ranks 49th among states for growth in GDP

Maryland ranks 49th among states for growth in GDP

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Maryland’s real was stagnant in 2013, according to the U.S. Bureau of Economic Analysis, putting the state ahead only of Alaska in terms of growth.

MD GDP 2013
‘s gross domestic product in 2013 was stagnant compared to the previous year. (Source: U.S. Bureau of Economic Analysis)

The state’s $322.2 million real gross domestic product in 2013 remained unchanged from 2012 and accounted for 2.1 percent of the overall GDP for the country.

Adjusted for current dollar value, Maryland’s GDP grew to nearly $342.4 million in 2013, up from nearly $336.5 million in 2012.

Increases in the health care, agriculture and information sectors were offset by declines in utilities, government, durable and non-durable goods manufacturing and wholesale trade.

The Mideast region, which saw an increase of less than three-quarters of a percent, was the worst performer among the eight regions.

Gross domestic product in the U.S. decreased from 2.5 percent in 2012 to 1.8 in 2013.

Overall, 48 states saw increases in GDP in 2013. Only Alaska fared worse than Maryland. Alaska’s GDP declined by 2.5 percent in 2013, according to the analysis released by the bureau.

One Republican candidate for governor reacted to the news with sharp criticism of Gov. Martin J. O’Malley.

“Today, the Federal Government confirmed what Marylanders have long known: Our economy is dead in the water,” said Larry Hogan, in an emailed statement. “The tax and spend policies and mismanagement of the Martin O’Malley and (Lt. Gov.) Anthony Brown years have destroyed jobs and are driving residents and employers out of state. It’s time to end one-party rule and get Maryland’s economy moving again.”

Brown is the leading candidate for the Democratic Party’s gubernatorial nomination.

North Dakota, boosted by its booming mining industry, led the way in GDP growth, with a 9.7 percent increase in 2013. The Rocky Mountain region led the nation, growing by 7.6 percent.

Overall, the nation’s GDP in 2013 expanded by 1.8 percent, a decline from 2.5 percent growth in the previous year.