Officials Say State GDP Up 1.9 Percent in 2012
PIERRE, S.D. (AP) – South Dakota officials say a preliminary estimate indicates that the state’s gross domestic product rose by 1.9 percent last year.
GDP statistics are released by the U.S. Commerce Department as a measure of comprehensive economic activity. GDP is the sum of all goods and services produced.
Pat Costello, commissioner of the Governor’s Office of Economic Development, says South Dakota’s increase in 2012 was not as high as it was in the previous year. But he says South Dakota’s manufacturing sector had the fifth highest increase in the nation.
Costello says the agricultural sector’s GDP was down by 16 percent last year in South Dakota, mostly because of the drought that hit the entire state.
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