WVa Economy Grows In '08, Despite Slowdown

By: Associated Press
By: Associated Press

Charleston, W.Va. (AP) -- Federal statistics show West Virginia's economy grew 2.5 percent in 2008, despite the national economic downturn.

West Virginia's gross domestic product increased from $45.2 billion in 2007 to $46.3 billion in 2008.

Statistics recently released by the U.S. Department of Commerce's Bureau of Economic analysis show that the state's growth rate was more than three times the national growth rate of 0.7 percent.

The federal agency attributed the growth to increases in output in several sectors, including mining, real estate, health care, utilities, lodging and construction.

Gov. Joe Manchin said Thursday the state has made dramatic progress in stabilizing its finances and is well-positioned to attract companies when the national economy improves.

(Copyright 2009 by the Associated Press. All rights reserved.)

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