PIERRE, S.D. (KELO AM) – South Dakota’s economy continues to grow at a faster rate than the national economy, according to the most recent gross domestic product (GDP) numbers released by the Bureau of Economic Analysis, U.S. Department of Commerce.
South Dakota’s GDP grew 6.8 percent from 2012 to 2013 compared to a 3.47 percent growth nationally. South Dakota’s percentage increase was the fourth highest in the nation, trailing only North Dakota, Wyoming and Idaho.
“For the fourth year in a row, South Dakota’s GDP has increased,” said Gov. Dennis Daugaard. “During the last five years, our state’s economy has grown by 25 percent compared to the national growth rate of 14 percent.”
South Dakota’s economic growth was led by the agricultural sector which rebounded from a drought year in 2012 and then posted a 34 percent increase this year. The state also saw strong growth in the banking, wholesale and health care industries.
GDP statistics are released by the Bureau as a measure of comprehensive economic activity. GDP numbers are preliminary, and South Dakota’s ranking could fluctuate as the figures are adjusted and refined.