Feds: NY’s 2012 economic growth ranked 37th in US

ALBANY, N.Y. (AP) – A federal report shows New York's economy grew at a slower pace than the national rate in 2012, ranking 37th among all states.
    
New York's economic growth rate was 1.3 percent compared to the national rate of 2.5 percent.
    
The U.S. Department of Commerce report released Thursday is based on gross domestic product.
    
New York's rate was better than the 1.2 percent pace in 2011, but well below the 4 percent growth recorded in 2010. New York's economy declined 1.4 percent at the peak of the Great Recession in 2009.
    
In 2012, New York grew far less than other big states and more slowly than some neighbors.
    
California's economy grew 3.5 percent, Texas grew 4.8 percent, and Massachusetts grew 2.2 percent.
    
Gov. Andrew Cuomo had no initial comment.

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