Hawaii had one of the nation’s poorest-performing economies last year, registering growth of just 1.2 percent, the U.S. Commerce Department reported Tuesday.
Hawaii’s growth rate was the 44th lowest out of the 50 states and was well below the national average of 2.6 percent when adjusted for inflation, according to the report.
The Commerce Department measured Hawaii’s economy focusing on 21 areas of economic activity, 11 of which were positive and 10 negative. The biggest contributors to Hawaii’s economic growth were accommodations and food service, the real estate sector and retail trade. The largest drags were construction, nondurable goods manufacturing and agriculture, the Commerce Department reported.
The growth in Hawaii’s economy last year followed a 2.6 percent contraction in 2009 that reflected the impact of the economic recession.
The Commerce Department did its state calculations using the same gross domestic product framework that it applies to the national economy. GDP is the total of all goods and services produced in an economy.
The report said Hawaii’s inflation-adjusted GDP totaled $59.3 billion, up from $58.6 billion in 2009. On a per-capita basis, Hawaii’s GDP was $43,615, the 19th highest in the nation. Alaska topped the list at $63,424, while Mississippi was at the bottom with a per-capita GDP of $29,345.
The state Department of Business, Economic Development and Tourism is forecasting Hawaii’s inflation-adjusted economic growth rate to accelerate to 1.6 percent this year, 2 percent in 2012 and 2.4 percent in 2013.