Gross Domestic Product

-4

Maine’s GDP fell 4% in 2020, mirroring declines elsewhere in the U.S.

Unfavorable movement since the last available data

Benchmark: The growth of Maine’s GDP will outpace that of New England and the U.S.

Overview Fig. A

Overview

Gross domestic product (GDP) provides a sense of Maine’s overall economic performance. It reflects the market value of all goods and services produced in the state  and some nonmarket goods and services provided by government agencies and nonprofit institutions.

Adjusted for inflation, Maine’s GDP fell 4.1% in 2020, similar to the 3.5% – 4.0% declines in the U.S. and New England. In fact, every state’s economy contracted due to the impact of measures to prevent the spread of COVID. Maine’s GDP loss ranked 16th of the U.S. states, and was lower than losses in Vermont, New Hampshire, and Rhode Island.

Arts, entertainment, and recreation were among the hardest hit Maine industries, shrinking 40% in 2020 (adjusted for inflation), along with accommodation and food services (-25%), and transportation and warehousing (-14%). Industries that grew during 2020 include utilities and construction. Real estate, government, health care and social assistance, and professional and business services together made up over one-half of Maine’s GDP in 2020.

Fig. A

On mobile? Viewing this data is easier at a computer.

Real Gross Domestic Product Growth Rate

U.S. Bureau of Economic Analysis