Real gross domestic product decreased 1.4% in Connecticut during the first quarter of 2022, while the total economic output nationally fell 1.6% during the first three months of the year, according to the U.S. Bureau of Economic Analysis.
The report, released Friday, shows Connecticut is one of 46 states, along with the District of Columbia, in which real GDP dropped.Â
New Hampshire saw the highest increase in real GDP during the first quarter, with a 1.2% increase, followed by Vermont. The only other state in which real GDP increased was Michigan, with the utilities industry as the leading contributor.Â
Wyoming experienced the greatest decline in real GDP, with a 9.7% decrease.
According to the BEA, an increase in COVID-19 cases during the first quarter related to the omicron variant continued to disrupt business operations in parts of the country. At the same time, government assistance such as forgivable loans to businesses tapered off.
Real GDP decreased in eight of 21 industry groups included in the quarterly report: Nondurable goods manufacturing (17%), retail trade (10.2%), and finance and insurance (7.1%).Â
Preliminary estimates for the second quarter of 2022 will be released in November 2022.
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