Iowa’s real Gross Domestic Product dropped from the third to the fourth quarter in 2021
CEDAR RAPIDS, Iowa (KCRG) -There is good news, and not-so-good news when it comes to Iowa’s real Gross Domestic Product.
The not so good news is that Iowa’s real Gross domestic Product dropped 2.3% from the third quarter to the fourth quarter of 2021. This mean’s Iowa is the worst-performing state in the fourth quarter. An Economists at Iowa State University says the drop is based on weakness in the agriculture sector.
“It’s a little bit more reasonable to look at a full year rather than this last quarter. Particularly in sectors of the economy that have very sharply changing economic circumstances from one quarter to the next.” Dr. Peter Orazem, an economics professor at Iowa State University explained.
The good news-- Iowa’s real Gross Domestic Product for the entire 2021 was 6.4%. That is more than the U.S. growth rate of 5.7%.
Orazem also says the state had a good year in manufacturing and finance.
Copyright 2022 KCRG. All rights reserved.