Nevada’s post-recession economic recovery slowed somewhat during 2013, according to the annual gross state product (GSP) figures released by the Bureau of Economic Analysis in June 2014. Overall, the state’s economy grew 2.4 percent during 2013, generating a total of $132.0 billion in economic activity. This rate of growth was considerably slower than that seen in 2012, when the economy expanded by 4.5 percent over the previous year. With shifts in selected industries (e.g., mining) contributing to the overall slowdown, the latest data suggests Nevada’s overall rate of growth is underperforming compared to the nation as a whole, which grew by 3.4 percent during the same timeframe.
Comparisons to the 2012 rate of expansion should consider contributions of the mining sector, which grew considerably faster than the rest of the economy in 2012 due to relatively high gold prices. Holding mining constant at 2011 levels, the Nevada economy grew 3.4 percent on an adjusted basis in 2012. Excluding the impacts of gold prices, the Nevada economy expanded by 4.1 percent during 2013. As such, disregarding gold prices and their impacts on the mining sector, Nevada’s economy is continuing to press forward in its recovery at a relatively accelerated pace.
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