Louisiana’s gross domestic product increased by 5.4 percent in the fourth quarter of 2013, the fourth-fastest pace in the nation, according to figures released Wednesday by the U.S. Bureau of Economic Analysis.
BEA defines gross domestic product as the total of goods and services produced by labor and property in a state or nation.
Stephen Moret, secretary of the Louisiana Department of Economic Development, said the state’s growth spurt was expected.
For the past 6 years, Moret said, “Louisiana’s real GDP growth has been roughly twice as fast as that of the U.S. overall, based on the latest official data from the … BEA.”
Moret said the 5.4 percent growth rate “is not a surprising result given that Louisiana’s economy has outperformed that of the South and U.S.