The real gross domestic product in Arkansas fell at an annual rate of 31.4% in the second quarter of 2020, a rate that was better than all but seven states and the District of Columbia, according a report from the U.S. Bureau of Economic Analysis.
GDP declined across the 50 states and the District of Columbia in April, May and June.
The drop "reflected the response to covid-19, as 'stay at home' orders issued in March and April that were partially lifted in some areas of the country in May and June, and government pandemic assistance payments were distributed to households and businesses," the bureau said in the report. "This led to rapid shifts in activity, as businesses and schools continued remote work and consumers and businesses canceled, restricted, or redirected their spending."
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The percent change in real GDP in the second quarter ranged from -20.4% in the District of Columbia to -42.2% in Hawaii and Nevada. The U.S. GDP, defined as the market value of goods and services produced, fell 31.4% in the quarter.
Arkansas' GDP fell to $120.8 billion in the second quarter from $131.8 billion in the first quarter when the GDP fell 4% after climbing 1.9% in the fourth quarter of 2019.