It’s pretty difficult to even comprehend how ridiculously large the US economy is, and the map above helps put America’s Gross Domestic Product (GDP) of $20.5 trillion ($20,500,000,000,000) in 2018 into perspective by comparing the economic size (GDP) of individual US states to other country’s entire national output. The map above (click to enlarge) matches the economic output (Gross Domestic Product) for each US state (and the District of Columbia) in 2018 to a foreign country with a comparable nominal GDP last year, using data from the BEA for GDP by US state (average of Q2 and Q3 state GDP, since Q4 data aren’t yet available) and data for GDP by country from the International Monetary Fund. 14 Spain ($1.43 trillion). Another example of the world-class productivity of the American workforce. Four of America’s states (California, Texas, New York and Florida) produced more than $1 trillion in output and as separate countries would have ranked in the world’s top 16 largest economies last year. More evidence of the world-class productivity of American workers. Figures exclude Taiwan (#18, GDP 1,300,200) and special administrative regions of Hong Kong and Macau. Please do not edit the piece, ensure that you attribute the author and mention that this article was originally published on FEE.org. But it has been punching beneath its weight. Consider this: California has a labor force of 19.6 million compared to the labor force in the UK of 34 million (. California's $2.8 trillion GDP is just shy of France's $2.9 trillion economy, while the $321 billion economy of Wisconsin is slightly larger than Israel's $317 billion GDP. Many of the states of the United States have large gross domestic product (called gross state product) which would rank highly on a list of countries world GDP.. The U.S. Bureau of Economic Analysis reported last month that California’s GDP was $2.5 trillion in 2015, up 4.1 percent from a year earlier. since. This article is reprinted with permission from The American Enterprise Institute. Obviously, in some cases, the closest match was a country that produced slightly more, or slightly less, economic output in 2018 than a given US state. Many of the states of the United States have large gross domestic product (called gross state product) which would rank highly on a list of countries world GDP. Account active Figures exclude Republic of Crimea and Sevastopol. Using data from the Bureau of Economic Analysis and the CIA World Factbook, we found the country with the closest-sized economy to each state. Sign up for Innovation Inc. By clicking ‘Sign up’, you agree to receive marketing emails from Business Insider Together, those four US states produced nearly $7.5 trillion in economic output last year, and as a separate country would have ranked as the world’s third-largest economy. As a separate country, New York would have ranked as the world’s 11th largest economy last year, ahead of No. A leading-edge research firm focused on digital transformation. The economy of California is the largest in the United States, boasting a $3.2 trillion gross state product as of 2019. The map above and the statistics summarized here help remind us of the enormity of the economic powerhouse we live and work in. Adjusted for the size of the workforce, there might not be any country in the world that produces as much output per worker as the US, thanks to the world-class productivity of the American workforce. America’s second largest state economy—Texas—produced nearly $1.8 trillion of economic output in 2018, which would have ranked the Lone Star State as the world’s 10th largest economy last year. America’s largest state economy is California, which produced nearly $3 trillion of economic output in 2018, more than the United Kingdom’s GDP last year of $2.8 trillion. If California were a sovereign nation (2019), it would rank as the world's fifth largest economy, ahead of India and behind Germany. State and country data. This work is licensed under a Creative Commons Attribution 4.0 International License, except for material where copyright is reserved by a party other than FEE. So let’s not lose sight of how ridiculously large and powerful the US economy is, and how much wealth, output, and prosperity is being created every day in the largest economic engine there has ever been in human history. Like in past years, for each US state (and the District of Columbia), I’ve identified the country closest in economic size in 2018 (measured by nominal GDP) and those matching countries are displayed in the map above and in the table below. Now is the perfect time for it to step in. as well as other partner offers and accept our, Business Insider/Andy Kiersz, data from Bureau of Economic Analysis and CIA, state gross domestic product from the Bureau of Economic Analysis, 229 countries tracked in the CIA's World Factbook, Here's how big tax refunds could be this year for people earning between $21,000 and $266,000, The 30 best high-paying jobs of the future, Here's the median monthly earnings of full-time workers in every state, Here's the highest-paying job in every US state. Please, enable JavaScript and reload the page to enjoy our modern features. Many of the states of the United States have large gross domestic product (called gross state product) which would rank highly on a list of countries world GDP. Even with all of its oil wealth, Saudi Arabia’s GDP in 2018 at $683 billion was below the GDP of US states like Pennsylvania ($793 billion) and Illinois ($863 billion). America’s third largest state economy—New York with a GDP in 2018 of $1.68 trillion—produced slightly more economic output last year than South Korea ($1.65 trillion). Some of the world’s largest and most famous companies contribute to the California economy, like Apple, Google, Facebook, Disney, and Chevron. Other comparisons: Florida (about $1 trillion) produced almost the same amount of GDP in 2018 as Mexico ($1.19 trillion), even though Florida’s labor force of 10.2 million less than 20% of the size of Mexico’s workforce of 59 million. A look into the tech transformations underway at the world's largest companies.
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