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Friday, 08 June 2012 19:42

Alabama's Economy Shrank Last Year

Alabama's economy performed worse than almost every state's last year, according to data from the U.S. Bureau of Economic Analysis.

The agency said Alabama's economy, as measured by gross domestic product, contracted 0.8 percent in 2011, worse than every state except Mississippi and Wyoming. GDP is the broadest measure of an economy, measure all goods and services produced. Alabama's GDP figure in 2011 was $150.33 billion, lower than the figure for 2008.

The BEA said 43 states managed GDP gains in 2011, led by North Dakota with a 7.6 percent gain. The states averaged a gain of 1.5 percent, down from 3.1 percent in 2010.

Wyoming's economy was weakest in 2011, shrinking 1.2 percent. Mississippi was No. 49, with a contraction of 0.8 percent. Alabama was No. 48.

Alabama's dismal performance last year was better than in 2009, when the state's economy shrank by 5 percent. In 2010, it expanded by 2.3 percent, the BEA says.

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