New York had one of the slowest-growing economies in the nation in 2016, according to a federal study released Thursday.

The Empire State ranked 38th out of 50 states, with inflation-adjusted gross domestic product growth of just 0.8 percent, about half the nationwide average of 1.5 percent, according to the US Commerce Department’s Bureau of Economic Analysis.

New York was even a cellar dweller compared to 10 other surrounding Northeastern states. Only Delaware ranked lower — 41st — with 0.3 percent growth.

The fastest-growing states in 2016 were out West — Washington, Oregon and Utah. All three states’ GDP increased by more than 3 percent.

Among the largest urban states, Florida ranked fifth with 3 percent growth, and California ranked seventh with 2.9 percent growth.

The trend line was troubling for the Empire State.

In the fourth quarter of 2016, it ranked 46th with just 0.4 percent growth, about one-fifth of the national 1.9 percent GDP rate.

“The numbers speak for themselves. The report doesn’t paint a dynamic picture of the New York state economy compared to other states,” said E.J. McMahon of the Empire Center for Public Policy.

“After emerging from the 2007-2009 recession at a faster pace than the rest of the country — a product, in large part, of federal policies aimed at resuscitating Wall Street — the state has under-performed the national average in GDP growth every year since 2010,” added McMahon after reviewing the preliminary federal data.

The biggest growth sectors in the state were in New York City-centric industries.

Among the bright spots were the information sector, real estate/rental-leasing and professional, scientific and technical services.

New York’s less-than-stellar rankings will provide fodder for critics of Gov. Andrew Cuomo, who is expected to run for re-election to a third term in 2018.

“The report doesn’t provide any new evidence in support of the state’s economic development policies,” McMahon said.

Part of Cuomo’s economic development strategy has been to pump massive subsidies into upstate development projects, anchored by his “Buffalo Billion” initiative and tax-free zones.

Cuomo and the Legislature also have largely maintained high income taxes on the wealthiest residents that were first enacted nearly a decade ago to get New York through the recession.

The corporate tax and other levies have been lowered.

The governor and lawmakers also approved a substantial increase in the minimum wage that, when fully phased in, will hit $15 an hour in New York City in December 2018. While that will put more money into the pockets of low-income New Yorkers, some business advocates argue that hiking the minimum wage dampens job growth.

Critics said the results prove that high taxes drag down jobs.

“In an economic race against other states, Albany is saddling New Yorkers with the highest combined tax burden, and the most expensive, least effective ‘economic development’ programs. It is obvious to everyone outside the Capitol why we keep losing to states like Florida,” said Doug Kellog of Reclaim New York.

“As long as Governor Cuomo and lawmakers stick with an insider-first approach that has been marred by indictments, but produced few jobs, New York’s economy will sputter. They need to fix systemic tax and regulatory problems, and get New York back in the game.”

The governor’s office responded that the state is on the right track.

“The fact is that under this administration, New York has a record number of private-sector jobs, unemployment below the national average, and passed reforms that led to the lowest middle-class taxes in 70 years, the lowest corporate tax rates since 1968 and the lowest manufacturing tax rate since 1917 and a property-tax cap,” said Cuomo spokesman Richard Azzopardi.

He also said that the fourth-quarter results can be volatile and aren’t good indicators of future trends.

“Being the global finance capital, New York is highly dependent on bonus income and we have sophisticated taxpayers that shifted income from the 4th quarter of 2016 to the 1st quarter of 2017 in anticipation of a federal tax cut. We observed this dynamic in our own withholdings data, including the associated jump in the 1st quarter. The BEA report on just the 4th quarter doesn’t account for such taxpayers,” Azzopardi said.

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