Gross domestic product (GDP) fell by 0.3 percent in South Dakota during the second quarter of 2017, according to the Bureau of Economic Analysis. South Dakota was one of two states to experience a decline in GDP during this time period, largely due to a slump in the Agriculture industry.
Most of the Northern Plains Region was hard hit by the national downturn in Agriculture. Across the United States, the Agriculture industry contracted by 10.6 percent; 1.7 percent in South Dakota. Iowa was particularly hard hit by the downturn in Agriculture, leading to a 0.7 percent reduction in state GDP, the largest decline in the nation. The table below highlights GDP in the region in the second quarter:
An uptick in Mining offset many of the declines in Agriculture across the region, however. Nationally, the Mining industry increased by 28.6 percent. While Agriculture declined by 2.6 percent in North Dakota, Mining increased by nearly 7.0 percent. Owing to this strong performance of the Mining industry, North Dakota and Wyoming ranked first and second for GDP growth among the fifty states.
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In South Dakota, the Construction, and Finance and Insurance industries also decreased by 0.5 and 0.6 percent, respectively. However, Real Estate and Rental Leasing, Healthcare and Accommodation and Food Services all increased slightly, by 0.4 percent.