NewsBusiness

Actions

Arizona's GDP growth down in 2020, still outpaced nation

478018251
Posted at 9:25 AM, Mar 30, 2021
and last updated 2021-03-30 12:25:58-04

Arizona, like every other state in the United States, experienced negative GDP growth during 2020, according to data released Friday by the Bureau of Economic Analysis.

However, Arizona fared better than most of the nation, with a change over the year of -0.9%, the third-best in the nation behind Utah and Washington, which experienced -0.1% and -0.7%, respectively. Accommodation and food services contributed to a decrease in all 50 states and in Washington, D.C., according to BEA data.

Arizona’s negative GDP growth follows years of strong growth, including outpacing the nation for the past three years. Arizona still outpaced the nation in 2020, as the United States as a whole saw -3.5% GDP growth for the year.

After accommodations and food service, Arizona’s biggest GDP losses came from arts, entertainment and recreation, and health care and social assistance.

Read more from the Phoenix Business Journal.