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February 3, 2017

CT's 3.6% 3Q economic growth matches rest of nation

Connecticut’s economy grew at a 3.6 percent annual rate in the third quarter of 2016 in line with the national average, according to fresh data from the U.S. Bureau of Economic Analysis.

Connecticut's 2016 third quarter real Gross Domestic Product (GDP) -- a measure of the state’s overall economic output -- rose to slightly more than $261 billion, compared with $253.67 billion in the same year-ago period.

Across the U.S., real GDP increased in 48 states and the District of Columbia in the third quarter of 2016. National GDP growth was 3.5 percent.

Finance and insurance grew the most in Connecticut, followed by wholesale trade and durable-goods manufacturing. Finance and insurance grew 9.0 percent nationally and at a rate of 1.13 percent in Connecticut, the analysis states.

Unlike the rest of the market segments, construction actually experienced a decline in Connecticut.

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