New Mexico GDP Slipped 2.2%

From New Mexico Business Weekly - New Mexico’s gross domestic product (GDP) fell by 2.2 percent in 2009 to $68.4 billion. New Mexico was one of 38 states that saw its GDPs fall in 2009, the U.S. Bureau of Economic Analysis said Thursday. Those overall declines were led by downturns in durable goods manufacturing and construction, the BEA said. In New Mexico, the mining sector saw its GDP fall by 1.46 percent. Other sectors that saw GDP decreases were construction, by .59 percent; retail trade, .29 percent; transportation and warehousing, .22 percent; durable goods manufacturing, .17 percent; wholesale trade, .09 percent; and non-durable goods manufacturing, .02 percent. Nevada recorded the largest GDP drop, at -6.4 percent, while Oklahoma had the fastest growth, at 6.6 percent. GDP growth in several states was fueled by growth in agriculture, forestry, fishing and the oil and gas industry, the BEA said. New Mexico ranked 31st among the states for the size of its GDP.

New Mexico GDP Slipped 2.2%