State predicts economy will weaken more than previously thought
Advertiser Staff
Hawaii's economy will weaken this year even more than previously thought, according to a new forecast published by the state today.
Based largely on downward revisions in national economic forecasts, the Department of Business, Economic Development and Tourism now expects a 0.2 percent decline the state's 2009 real gross state domestic product as well as a 1.3 percent decline in the average job count for the year. Those numbers are down from last fall when DBEDT had forecast no change in real GDP and a 0.2 percent decline in job count in 2009.
Tourism will likely be impacted more than previously expected also, with visitor arrivals declining 5.9 percent for the year. DBEDT previously had forecast a 1.9 percent drop in visitor arrivals for the year.
Still, DBEDT notes, the current national consensus forecast continues to expect a modest recovery to begin in the second half of this year.