Economic Growth Rebounds in Q1 but Recovery Still Slow

Rhode Island Public Expenditures Council

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Economic Growth Rebounds in Q1 but Recovery Still Slow

PROVIDENCE, R.I. (May 2013) – The Rhode Island Current Economic Indicator (CEI) indicates that the fourth quarter indicator for FY 2012 was revised downward, contracting at an annualized rate of 0.04 percent.  However, estimates for the first quarter of 2013 indicate that the state experienced more robust growth than previously predicted. Based on the CEI, Rhode Island’s economy grew at an annual rate of 1.6 percent, compared to the 1.1 percent expansion projected by last quarter’s CEI.   The leading indicator, which projects the next quarter growth rate, estimates the state economy will continue to increase at an annualized rate of 1.8 percent in the second quarter of 2013.  A copy of the press release is here and the full briefing is available here