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September 27, 2007

Metro GDP growth lags nat'l average

Recent figures show that the economies of Maine's three largest metro areas grew more slowly than the national average from 2001 through 2005.

The U.S. Bureau of Economic Analysis noted that the Portland-South Portland-Biddeford metro area's gross domestic product grew 9.3% from 2001 through 2005, while Lewiston-Auburn's grew 10.7% and Bangor's grew 5.4%. The national average GDP growth was 11%. Laurie Lachance, former state economist and current CEO of the Maine Development Foundation, told the Portland Press Herald that the numbers signal the three metro areas bounced back from the 2001 recession more slowly than other areas.

The BEA said the metro areas' GDP in 2005 was $20 billion in Portland, $2.9 billion in Lewiston-Auburn and $4.4 billion in Bangor.

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