Iowa’s GDP grows 0.3 percent

A new Bureau of Economic Analysis report shows that Iowa's gross domestic product increased by 0.3 percent in the final quarter of 2013.

The report includes state-by-state analysis of quarterly GDP from 2005 to 2013 to give a 'more complete picture of economic growth.'

'The new regional economic statistics BEA released today provide more timely snapshots of each state's economic health,' said U.S. Secretary of Commerce Penny Pritzker in a news release. 'You often hear about how the U.S. economy performed in a given quarter. Now you will be able to see how each state did.'

Overall, states' GDP increased 1.8 percent in 2013, accelerating in the second and third quarter of the year. After reaching a high of 4.2 percent in the third quarter, however, the GDP decelerated to 2.8 percent in the fourth quarter.

Real GDP grew steadily in 24 states through all four quarters last year, the report said. In the fourth quarter of 2013, real GDP increased in all states except Mississippi and Minnesota.

Nondurable-goods manufacturing was the largest contributor to GDP by state growth in the fourth quarter of 2013, contributing to growth in 31 states.

Professional, scientific and technical services was the second largest contributor to GDP growth in the third and fourth quarters of 2013. The industry increased 5.9 percent in the fourth quarter after growing 8.3 percent in the third quarter. The industry increased 18.6 percent in the fourth quarter after moderate growth of 2.9 percent in the third quarter.

The government sector declined 1.9 percent in the fourth quarter of 2013, subtracting 0.24 percentage point from the nation's growth. Construction also hurt growth in the majority of states — declining 5.9 percent and subtracting 0.22 percentage point from growth in the nation.