Gross Domestic Product Closes in on $37 billion

Press Release

Gross Domestic Product Closes in on $37 billion

South Dakota is among the top states in Gross Domestic Product by State growth, posting a 5 percent increase in 2008.

"Tracking growth in GDP is part our state's 2010 Initiative," Gov. Mike Rounds said. "A year ago, we reached $34 billion. That allowed us to achieve the second goal of the 2010 Initiative two years ahead of schedule -- increasing economic growth by $10 billion."

The latest annual increase brings the state's GDP up to $36.96 billion.

"This is particularly good news for our state, especially in light of today's uncertain economy," said Gov. Rounds. "The diversity of our state development is helping us to weather this national recession."

South Dakota had the tenth largest current dollar 2008 GDP growth among the 50 states.

"These statistics are only the latest testament to the quality of our businesses and workforce in South Dakota," said Richard Benda, secretary of the South Dakota Department of Tourism and State Development. "We can compete on the national level, and we have the numbers to prove it."

Gross Domestic Product (GDP) statistics are released by the Bureau of Economic Analysis, a division of the U.S. Department of Commerce. GDP is a comprehensive measure of economic activity.

Gross State Product
(current $)
2008: $36,959 million +5.0%
2007: $35,211 million +13.0%
2006: $31,171 million +1.5%
2005: $30,712 million +4.0%
2004: $29,522 million +7.7%
2003: $27,418 million +3.8%
2002: $26,416 million +10.5%
2001: $23,910 million

Source