Report: U.S. States' Economic Output Dwarfs Most Countries
The U.S. gross domestic product (GDP) is more than $21 trillion, dwarfing the economies of most other countries in the world. China’s GDP hovers over $14 trillion; Japan’s over $5 trillion.
The U.S. is neither the largest country by land mass nor population (4.4 percent of the world’s population) yet its GDP represents 24.2 percent of the global GDP.
Most Americans can’t appreciate or comprehend how large these GDPs are, explains Mark J. Perry, professor of finance and business economics at the University of Michigan-Flint and scholar at The American Enterprise Institute. That’s why he creates a map every year comparing economies of states to countries to “help people understand how enormously large the U.S. economy is,” he told The Center Square.
Four states, California, Texas, New York and Florida, produced more than $1 trillion in output. If they were each countries, they would have ranked in the world’s 16 largest economies in 2018.
California’s GDP was greater than the United Kingdom of England, Wales, Scotland and Northern Ireland (U.K.); Texas’ was larger than Canada’s; New York’s was larger than Russia’s, and Florida’s is comparable to Indonesia’s.
Combined, they produced nearly $7.5 trillion in economic output in 2018, which