Mass Growth Quickens In Q1
The Massachusetts economy grew at an annual rate of 4.2 percent in the first quarter of 2011, while the nation's rate slowed to 1.8 percent, according to the UMass Donahue Institute and the U.S. Bureau of Economic Analysis.
In the fourth quarter of 2010, the numbers were much closer, with the United States economy growing at a 3.1 percent rate and the Massachusetts rate at 3.3 percent.
The MassBenchmarks Leading Economic Index published by the Institute forecasts an annualized growth rate of 4.4 percent for the state over the next six months.
Nationwide, the first-quarter growth came mainly from consumer spending, private inventory investment, exports and nonresidential fixed income. Slowing the growth were declines in government spending at the federal, state and local level and an increase in imports, which are subtracted from GDP.
A second, more complete, estimate of GDP growth will be released on May 26.
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