Iowa's real gross domestic product increased by 0.3 percent in the fourth quarter of 2013, according to a new state-by-state quarterly analysis released today by the U.S. Bureau of Economic Analysis. By comparison, growth in real GDP across all states decelerated to 2.8 percent in fourth quarter, after reaching a high of 4.2 percent in the third quarter.
For the full year, real GDP by state increased 1.84 percent in 2013, according to the report. By comparison, Iowa's GDP increased by 2.85 percent last year.
Real GDP by state is an inflation-adjusted measure of each state's gross product that is based on national prices for the goods and services produced within that state.
The new data provides a fuller description of the accelerations, decelerations and turning points in economic growth at the state level, including key information about changes in the distribution of industrial infrastructure across states, the agency said in a 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," said Mark Doms, a BEA official.
Nondurable-goods manufacturing was the largest contributor to U.S. real GDP by state growth in the fourth quarter of 2013. This industry increased 18.6 percent in the fourth quarter after moderate growth of 2.9 percent in the third quarter.