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Report: South Dakota's GDP Grows 3.1 Percent

June 12, 2014, 5:10 AM

Report: South Dakota's GDP Grows 3.1 Percent
PIERRE, SD -

New figures show that South Dakota's economy grew by 3.1 percent in 2013.

Gross domestic product numbers were released Wednesday by the federal Bureau of Economic Analysis.

The GDP is calculated as the sum of what consumers, businesses and government spend on goods and services, plus investment and net foreign trade. The figures shown on the federal report have been adjusted for inflation.

South Dakota's 2013 growth rate was above the national average of 1.8 percent and ranked ninth among the 50 states.

The report shows that the state's GDP grew from $39.9 billion in 2012 to $41.1 billion last year.

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