New Data: CT Economy Grew at 1% in 2016, Behind U.S. and New England Avg.May 12, 2017
Data released by the Department of Commerce on Friday had good news for Connecticut on economic growth in the fourth quarter of 2016, but bad news for the year as a whole.
Connecticut’s economy grew at a rate of one percent in 2016, behind the U.S. rate of 1.5 percent and the New England rate of 1.7 percent, according to data released by the Department of Commerce on Thursday.
Connecticut’s 2016 gross domestic product (GDP) growth of one percent was ranked 32nd of the 50 states. Connecticut was second-to-last in New England, only ahead of Vermont (0.8 percent growth, ranked 36th of 50).
The news was not all bad for Connecticut. The state’s two percent growth in the fourth quarter was 11th in the country, and second-best in New England behind New Hampshire (2.4 percent growth, ranked eighth of 50).
Gov. Dan Malloy (D-Conn.) and legislative leaders will not have much time to celebrate. They face a $400 million deficit before the fiscal year closes in September, and a $4.7 billion deficit in the next two fiscal years.
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