2015 Louisiana economy slows as government, services shrink

The Associated Press

New figures show Louisiana's economy slowed in 2015, but expanding refineries and chemical plants kept growth alive despite low oil prices, a shrinking private service sector and lower government activity.

 

NEW ORLEANS (AP) — New figures show Louisiana's economy slowed in 2015, but expanding refineries and chemical plants kept growth alive despite low oil prices, a shrinking private service sector and lower government activity.

Gross domestic product numbers released Tuesday by the federal Bureau of Economic Analysis try to measure all the economic output of each state.

Louisiana's economy grew 1.7 percent in 2015, down from 1.9 percent in 2014.

Nationwide, economic output rose 2.4 percent during 2015. Louisiana, with a $242 billion-plus economy, tied for 24th for growth among states.

California and Oregon grew the most — 4.1 percent. Economies shrank in Alaska and North Dakota, states most dependent on oil.

Louisiana's growth trailed off in the fourth quarter, with the economy flat during 2015's final three months.

Numbers can be revised later.

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