Discussion: (244 comments)
Comments are closed.
More options: Share,
View related content: Carpe Diem
The map above (click to enlarge) was created (with assistance from AEI’s graphic design director Olivier Ballou) by matching the economic output (GDP) in each US state (and the District of Columbia) in 2016 to a foreign country with comparable nominal GDP last year, using data from the BEA for GDP by US state and data for GDP by country from the International Monetary Fund. For each US state (and the District of Columbia), we identified the country closest in economic size in 2016 (measured by nominal GDP), and for each state there was a country that was 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 2016 than a given US state.
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 $18.6 trillion ($18,600,000,000,000) in 2016 into perspective by comparing the economic size (GDP) of individual US states to other country’s entire national output. For example:
MP: Overall, the US produced 24.7% of world GDP in 2016, with only about 4.5% of the world’s population. Three of America’s states (California, Texas and New York) – as separate countries – would have ranked in the world’s top 11 largest economies last year. Together, those three US states produced $5.7 trillion in economic output last year, and as a separate country would have ranked as the world’s third largest economy and ahead of No. 3 Japan ($4.9 trillion) by almost $1 trillion. And one of those states – California – produced more than $2.5 trillion in economic output in 2016 – and the other two (Texas and New York) produced $1.6 trillion and $1.5 trillion of GDP in 2016 respectively. 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. The map above and the statistics summarized here help remind us of the enormity of the economic powerhouse we live and work in. 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 ever in human history.
Comments are closed.
1789 Massachusetts Avenue, NW, Washington, DC 20036
© 2019 American Enterprise Institute