In the first quarter of 2020, the Kansas economy contracted at the annual rate of 3.1 percent, compared to 2.1 percent growth in the previous quarter. While GDP fell in all states, Kansas performed relatively well, with only four states contracting less.
In the first quarter of 2020, the Kansas economy contracted at the annual rate of 3.1 percent in real (inflation-adjusted) dollars, according to statistics released today by Bureau of Economic Analysis, a division of the United States Department of Commerce. GDP for the quarter was at the annual rate of $175,124 million. The first quarter consists of the months of January, February, and March.
This the first quarter to be affected by the response to the pandemic, as BEA noted in the release:
The 2020 Q1 estimates of GDP by state were impacted by the response to the spread of COVID-19, as governments issued “stay-at-home” orders. This led to rapid changes in demand, as businesses and schools switched to remote work or canceled operations, and consumers canceled, restricted, or redirected their spending. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP by state estimates for 2020 Q1 because the impacts are generally embedded in source data and cannot be separately identified.
The Kansas rate of -3.1 percent ranked fifth among the states, meaning Kansas avoided the effects of the pandemic more than most states. While GDP fell in all states, Kansas performed relatively well, with only Nebraska, South Dakota, Texas, and North Dakota contracting less. The national rate was -5.0 percent, with the rate for the Plains states at -3.6 percent. (For this data, BEA defines Plains states as Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota.)
Over the last ten quarters, Kansas has averaged quarterly growth rates of 1.2 percent in annual terms. For the nation, the rate was 1.7 percent. For the Plains states, it was 1.4 percent.
For the complete release at BEA, click on Gross Domestic Product by State, 1st Quarter 2020.
I also have developed an interactive visualization of this data over time. To access, click on Visualization: Quarterly Real Gross Domestic Product by state and industry.Learn how you can support the Voice for Liberty. Click here.