Following the BEA release today of US state Gross Domestic Product (GDP) data for 2014, I was able to update the map above, which appeared on CD a year ago using 2013 data.
The map above was created by matching economic output in US states in 2014 to foreign countries with comparable nominal GDPs, using BEA data for GDP by US state and GDP by country from the International Monetary Fund, via Wikipedia here. For each US state (and the District of Columbia), I tried to find the country closest in economic size in 2014 (measured by nominal GDP), and for each state there was a country with a pretty close match – those countries are displayed in the map above and in the table below. Obviously, in some cases the closest match was a country that produced slightly more, or slightly less, economic output in 2014 than a given US state.
It’s pretty amazing how ridiculously large the US economy is, and the map above helps put America’s GDP of nearly $18 trillion in 2014 into perspective by comparing the GDP of US states to other country’s entire national GDP. For example:
1. America’s largest state economy is California, which produced $2.31 trillion of economic output in 2014, just slightly below Brazil’s GDP in the same year of $2.35 trillion. In 2014, California as a separate country would have been the 8th largest economy in the world, ahead of Italy ($2.1 trillion) and India ($2.04 trillion) and Russia ($1.86 trillion). And California’s population is only 38.8 million compared to Brazil’s population of 200.4 million, which means California produces the same economic output as Brazil with 81% fewer people. That’s a testament to the superior, world-class productivity of the American worker.
2. America’s second largest state economy – Texas – produced $1.65 trillion of economic output in 2014, placing it just slightly behind the world’s 11th largest country by GDP – Canada – with $1.78 trillion of economic output.
3. Even with all of its oil wealth, Saudi Arabia’s GDP in 2014 at $752 billion was just slightly more than the state GDP of Illinois ($746 billion).
4. America’s third largest state – New York with a GDP in 2013 of $1.4 trillion – produced the same amount of economic output last year as Spain ($1.4 trillion), even though Spain’s population of 47.3 million people is more than twice the number of people living in New York (19.75 million). Another example of the world-class productivity of the American workforce.
5. Other comparisons: Florida ($840 billion) produced about the same GDP in 2014 as the Netherlands ($866 billion), Pennsylvania ($663 billion) produces almost as much as the entire country of Switzerland ($712 billion) and Ohio ($583 billion) produces more than the entire country of Nigeria ($573 billion).
MP: Overall, the US produced 22.5% of world GDP in 2014, with only about 4.6% of the world’s population. Three of America’s states (California, Texas and New York) – as separate countries – would rank in the world’s top 14 largest economies. And one of those states – California – produced more than $2 trillion in economic output in 2014 – and the other two (Texas and New York) produced more than $1.6 trillion and $1.4 trillion of GDP in 2014 respectively. The map and these statistics help remind us of the enormity of the economic powerhouse we live in. So let’s not lose sight of how ridiculously large and powerful the US economy is, and how much wealth and prosperity is being created all the time in the world’s largest economic engine.
| State | GDP (millions), 2014 | Country | GDP (Millions), 2014 | |
|---|---|---|---|---|
| California | $2,311,616 | Brazil | $2,353,025 | |
| Texas | $1,648,036 | Canada | $1,788,717 | |
| New York | $1,404,518 | Spain | $1,406,855 | |
| Florida | $839,944 | Netherlands | $866,354 | |
| Illinois | $745,875 | Saudi Arabia | $752,459 | |
| Pennsylvania | $662,890 | Switzerland | $712,050 | |
| Ohio | $583,261 | Nigeria | $573,652 | |
| New Jersey | $549,099 | Poland | $546,644 | |
| North Carolina | $483,126 | Taiwan | $529,550 | |
| Georgia | $476,483 | Norway | $500,244 | |
| Virginia | $463,613 | Austria | $437,123 | |
| Massachusetts | $459,937 | Iran | $404,132 | |
| Michigan | $451,516 | UAE | $401,647 | |
| Washington | $427,052 | Colombia | $384,901 | |
| Maryland | $348,631 | South Africa | $350,082 | |
| Indiana | $317,840 | Malaysia | $326,933 | |
| Minnesota | $316,204 | Singapore | $308,051 | |
| Colorado | $306,663 | Israel | $303,771 | |
| Tennessee | $300,604 | Egypt | $286,435 | |
| Wisconsin | $292,891 | Philippines | $284,927 | |
| Missouri | $284,462 | Finland | $271,165 | |
| Arizona | $284,156 | Chile | $257,968 | |
| Connecticut | $253,036 | Pakistan | $250,136 | |
| Louisiana | $251,397 | Ireland | $246,438 | |
| Oregon | $215,677 | Portugal | $230,012 | |
| Alabama | $199,440 | Peru | $202,948 | |
| South Carolina | $190,304 | Romania | $199,950 | |
| Kentucky | $188,602 | New Zealand | $198,118 | |
| Oklahoma | $183,501 | Vietnam | $186,049 | |
| Iowa | $170,613 | Bangladesh | $185,415 | |
| Kansas | $147,075 | Kuwait | $172,350 | |
| Utah | $141,410 | Hungary | $137,104 | |
| Nevada | $132,064 | Ukraine | $130,660 | |
| Arkansas | $121,395 | Angola | $128,564 | |
| District of Columbia | $115,473 | Morocco | $109,201 | |
| Nebraska | $112,159 | Ecuador | $100,755 | |
| Mississippi | $104,851 | Slovakia | $99,971 | |
| New Mexico | $92,959 | Oman | $77,755 | |
| Hawaii | $77,389 | Belarus | $76,139 | |
| West Virginia | $75,337 | Sri Lanka | $74,588 | |
| New Hampshire | $71,552 | Syria | $71,998 | |
| Idaho | $63,952 | Uzbekistan | $62,619 | |
| Delaware | $62,756 | Kenya | $60,770 | |
| Alaska | $57,080 | Croatia | $57,159 | |
| Maine | $55,838 | Bulgaria | $55,837 | |
| North Dakota | $55,136 | Uruguay | $55,143 | |
| Rhode Island | $54,960 | Ethiopia | $52,335 | |
| South Dakota | $45,867 | Tanzania | $47,932 | |
| Montana | $44,269 | Panama | $43,784 | |
| Wyoming | $44,190 | Yemen | $43,229 | |
| Vermont | $29,613 | Paraguay | $29,704 |
from AEI » Latest Content http://ift.tt/1HrAPxe
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