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Thursday March 28, 2024

GDPs of most US states similar or more than many world economies

By Sabir Shah
January 13, 2020

LAHORE: The economic sizes (GDPs) of most of the 50 American states are either similar or more than the net national output of many independent nations on the world map if we compare their production statistics individually.

The comparative analysis had found that the majority of US states may be smaller in both population and landmass than the country with the closest GDP, yet they have far more developed economies and, therefore, higher GDPs per capita than the comparable count.

This fact can be verified by studying the April 19, 2019 edition of a known American media house, "The USA Today" and an April 3, 2019 report of its content partner "24/7 Wall Street", an eminent financial news and opinion website focused predominantly on financial affairs pertaining to the United States and global equity markets. The two above-mentioned media houses had compared the GDPs of the individual US states to the entire national output of over four dozen sovereign countries, by taking into consideration the 2017 statistics tabulated by the American Bureau of Economic Analysis, the World Bank and the International Monetary Fund (IMF).

It is no wonder actually if one looks at the gigantic US economy, which is the world's largest with a GDP of approximately $21.439 trillion, the world's eighth-highest per capita GDP of $65,112, exports of $1.66 trillion and imports of $2.54 trillion.

Moreover, the New York Stock Exchange and the NASDAQ are by far the world's largest bourses by market capitalization and trade volume.

The influx of Direct Foreign Investment (DFI) in the United States stands at over $4 trillion, while the American investments in foreign countries rests at more than $5.6 trillion.

Accounting for approximately a quarter of global GDP, the American population (327.2 million) is just four per cent of the world total, but the country holds 29.4 per cent of the total global wealth, the largest share of global wealth concentrated in a single country.

Being the foremost military power in the world, the US makes up more than a third of the global defence-related spending of around $718 billion.

Hence, the financial prowess of its individual states should not stun many.

For example, America's largest state economy is California, which produced $2.75 trillion of economic output in 2017, more than the United Kingdom's GDP last year of $2.62 trillion.

California has a labour force of 19.3 million compared to the labour force in the UK of 33.8 million.

Amazingly, it required a labor force 75 per cent larger (and 14.5 million more people) in the UK to produce the same economic output as California!

Had California been a separate country, it would have been the 5th largest economy in the world in 2017, ahead of the UK ($2.62 trillion), India ($2.61 trillion) and France ($2.58 trillion).

America's second largest state economy - Texas - produced nearly $1.7 trillion of economic output in 2017, which would have been the world's 10th largest economy last year.

The GDP in Texas was slightly higher than Canada's 2017 GDP of $1.65 trillion. However, to produce about the same amount of economic output as Texas, Canada had required a labour force of 20 million, which was nearly 50 per cent larger than the labour force in Texas (13.5 million).

Even with all of its oil wealth, Saudi Arabia's GDP in 2017 at $683 billion was below the GDP of US states like Pennsylvania ($752 billion) and Illinois ($820 billion).

America's third largest state economy - New York with a GDP in 2017 of $1.55 trillion - produced slightly more economic output in 2017 than South Korea ($1.54 trillion). As a separate country, New York would have ranked as the world's 11th largest economy in 2017, ahead of South Korea, Russia and Australia.

Amazingly, South Korea had required labour force of 27.9 million or nearly three times larger than New York's (9.7 million) to produce roughly the same amount of economic output than the state housing the Statue of Liberty did!

The accumulative GDPs of California, Texas and New York had rested at $6 trillion during 2017, and as a separate country, their net economic activity and size would have ranked them as the world's third-largest economy, comfortably ahead of Japan ($4.8 trillion) by more than $1 trillion.

In 2017, the United States had a GDP of over $17.3 trillion, again a quarter of the global economic size.

Here follow the comparisons of the economic sizes of other American states with global sovereign economies:

Florida ($967 billion) produced almost the same amount of GDP in 2017 as Indonesia ($1 trillion).

The $820 billion GDP of Illinois during 2017 was just slightly higher than economic output in the Netherlands ($825 billion).

Alabama's GDP in 2017 was $19.6 billion, whereas size of Kazakhstan's economy was $196 billion.

Alabama's population was 4.9 million (Kazakhstan: 18.0 million).

Alabama GDP per capita: $39,523 (Kazakhstan: $10,868).

Alaska GDP was $52.3 billion, Guatemala $52.8 billion.

Alaska population: 739,795 (Guatemala: 16.9 million).

Alaska GDP per capita: $70,683 (Guatemala: $3,124).

Arizona state's GDP was $297.2 billion, Israel $297.4 billion.

Indiana's GDP was $321.1 billion, Singapore $310 billion.

Indiana had a population of 6.7 million (Singapore: 5.6 million).

Indiana had a GDP per capita of $48,170 (Singapore: $55,236).

Iowa State had a GDP of $148.5 billion, Hungary $153.1 billion.

Iowa population: 3.1 million (Qatar: 2.6 million).

Iowa GDP per capita: $53,798 (Qatar: $65,694).

Kentucky State's GDP was $184.7 billion, New Zealand $181.5 billion.

Kentucky population: 4.5 million (New Zealand: 4.8 million).

Kentucky GDP per capita: $41,463 (New Zealand: $37,853).

Michigan State's GDP was $458.8 billion, Argentina $460.3 billion.

Michigan population: 10.0 million (Argentina: 44.3 million).

Michigan GDP per capita: $46,055 (Argentina: $10,397).

Minnesota had a GDP of $322.4 billion, Singapore $310 billion.

Minnesota population: 5.6 million (Singapore: 5.6 million).

Minnesota GDP per capita: $57,809 (Singapore: $55,236).

Louisiana had a GDP of $226.6 billion, Romania $216.3 billion.

Louisiana population: 4.7 million (Romania: 19.6 million).

Louisiana GDP per capita: $48,377 (Romania: $11,045).

The Maine State's GDP was $55.6 billion, Azerbaijan $ 57.3 billion.

Maine population: 1.3 million (Azerbaijan: 9.9 million).

Maine GDP per capita: $41,619 (Azerbaijan: $5,805).

Ohio State's GDP was $590.7 billion, Poland $600.9 billion.

Ohio population: 11.7 million (Poland: 38.0 million).

Ohio GDP per capita: $50,666 (Poland: $15,823).

Maryland's GDP was $363 billion, Malaysia $364.6 billion.

Maryland population: 6.1 million (Malaysia: 31.6 million.

Maryland GDP per capita: $59,983 (Malaysia: $11,528).

Massachusetts GDP was $490.2 billion, Norway $481.8 billion.

Massachusetts population: 6.9 million (Norway: 5.3 million).

Massachusetts GDP per capita: $71,456 (Norway: $91,219).

Kansas State GDP was $148.5 billion and country with similar GDP was Hungary ($153.1 billion).

Kansas population: 2.9 million (Hungary: 9.8 million).

Kansas GDP per capita: $50,970 (Hungary: $15,648).

Arkansas $114 billion, Morocco $119.3 billion.

Arkansas population: 3.0 million (Morocco: 35.7 million).

Arkansas GDP per capita: $37,930 (Morocco: $3,292).

Colorado $323.3 billion, Singapore $310 billion.

Colorado population: 5.6 million (Singapore: 5.6 million).

Colorado GDP per capita: $57,654 (Singapore: $55,236).

Connecticut $238.9 billion, Portugal $238 billion.

Connecticut population: 3.6 million (Portugal: 10.3 million).

Connecticut GDP per capita: $66,592 (Portugal: $23,117).

Delaware $63.9 billion, Croatia $63.2 billion.

Delaware population: 961,939 (Croatia: 4.1 million).

Delaware GDP per capita: $66,419 (Croatia: $15,322).

Mississippi $100.1 billion, Angola $101.7 billion.

Mississippi population: 3.0 million (Angola: 29.8 million).

Mississippi GDP per capita: $33,558 (Angola: $3,414).

Oklahoma $190.9 billion, Kazakhstan $196 billion.

Oklahoma population: 3.9 million (Kazakhstan: 18.0 million).

Oklahoma GDP per capita: $48,569 (Kazakhstan: $10,868).

Oregon $ 207.7 billion, Iraq $208.6 billion.

Oregon population: 4.1 million (Iraq: 38.3 million).

Oregon GDP per capita: $50,138 (Iraq: $5,450).

Pennsylvania $700.8 billion, Saudi Arabia $684.2 billion.

Pennsylvania population: 12.8 million (Saudi Arabia: 32.9 million).

Pennsylvania GDP per capita: $54,725 (Saudi Arabia: $20,771).

Rhode Island $53.5 billion, Slovenia $53 billion.

Rhode Island population: 1.1 million (Slovenia: 2.1 million).

R.I. Rhode Island GDP per capita: $50,446 (Slovenia: $25,662).

South Carolina $199.3 billion, Algeria $199.2 billion.

South Carolina population: 5.0 million (Algeria: 41.3 million).

South Carolina GDP per capita: $39,673 (Algeria: $4,820).

Utah $150.1 billion, Hungary $153.1 billion.

Utah population: 3.1 million (Hungary: 9.8 million).

Utah GDP per capita: $48,376 (Hungary:$15,648).

Vermont $29.6 billion, Latvia $30.2 billion.

Vermont population: 623,657 (Latvia: 1.9 million).

Vermont GDP per capita: $47,408 (Latvia: $15,553).

Washington GDP: $480.9 billion and country with similar GDP in 2017 was Norway ($481.8 billion).

Washington population: 7.4 million (Norway: 5.3 million).

Washington GDP per capita: $64,937 (Norway: $91,219).

Virginia $463.6 billion, Nigeria $460.5 billion.

Virginia population: 8.5 million (Nigeria: 190.9 million).

Virginia GDP per capita: $54,730 (Nigeria: $2,412).

West Virginia $70.6 billion, Oman $74.8 billion.

West Virginia population: 1.8 million (Oman: 4.6 million).

West Virginia GDP per capita: $38,860 (Oman: $16,144).

Wyoming GDP: $38.7 billion and country with similar GDP was Ivory Coast ($39.5 billion).

Wyoming population: 579,315 (Ivory Coast: 24.3 million).

WyomingGDP per capita: $66,776 (Ivory Coast: $1,626).

Wisconsin $292.3 billion, Israel $297.4 billion.

Wisconsin population: 5.8 million (Israel: 8.7 million).

Wisconsin GDP per capita: $50,431 (Israel: $34,135).

Tennessee GDP: $315.1 billion and country with similar GDP was Singapore ($310.0 billion).

Tennessee population: 6.7 million (Singapore: 5.6 million).

Tennessee GDP per capita: $46,925 (Singapore: $55,236).

North Carolina $484.3 billion, Norway $481.8 billion.

North Carolina population: 10.3 million (Norway: 5.3 million).

North Carolina GDP per capita: $47,142 (Norway: $91,219).

North Dakota $50.8 billion, Ghana $50.6 billion.

North Dakota population: 755,393 (Ghana: 28.8 million).

North Dakota GDP per capita: $67,244 (Ghana: $1,756).

Florida $883.1 billion, Netherlands $918.3 billion.

Florida population: 21.0 million (Netherlands: 17.1 million).

Florida GDP per capita: $42,085 (Netherlands: $53,598).

South Dakota GDP was $45.4 billion and country with similar GDP was Libya ($46.6 billion).

South Dakotapopulation: 869,666 (Libya: 6.4 million).

South Dakota GDP per capita: $52,240 (Libya: $7,315).

Georgia $510.8 billion, Belgium $524 billion.

Georgia population: 10.4 million (Belgium: 11.4 million).

Georgia GDP per capita: $48,979 (Belgium: $46,079).

Hawaii $79.5 billion, Myanmar $79.5 billion.

Hawaii population: 1.4 million (Myanmar: 53.4 million).

Hawaii GDP per capita: $55,668 (Myanmar: $1,490).

Idaho $67 billion, Uzbekistan $65.8 billion.

Idaho population: 1.7 million (Uzbekistan: 32.4 million).

Idaho GDP per capita: $39,032 (Uzbekistan: $2,031).

Missouri $275.6 billion, Chile $271.9 billion.

Missouri population: 6.1 million (Chile: 18.1 million).

Missouri GDP per capita: $45,076 (Chile: $15,060).

Nebraska $111.5 billion, Slovak Republic $108.2 billion.

Nebraska population: 1.9 million (Slovak Republic: 5.4 million).

Nebraska GDP per capita: $58,053 (Slovak Republic: $19,897).

Nevada $142.9 billion, Kuwait $138.9 billion.

Nevada population: 3.0 million (Kuwait: 4.1 million).

Nevada GDP per capita: $47,648 (Kuwait: $33,546).

New Mexico $91 billion, Ecuador $87.4 billion.

New Mexico population: 2.1 million (Ecuador: 16.6 million).

New Mexico GDP per capita: $43,566 (Ecuador: $5,256).

New Hampshire $ 74.4 billion, Oman $74.8 billion.

New Hampshire population: 1.3 million (Oman: 4.6 million).

New Hampshire GDP per capita: $55,413 (Oman: $16,144).

Montana's GDP was $44.4 billion and country with similar GDP was Lebanon ($43.2 billion).

Montana population: 1.1 million (Lebanon: 6.1 million).

Montana GDP per capita: $42,276 (Lebanon: $7,103).

New Jersey $546.5 billion, Iran $560.9 billion.

New Jersey population: 9.0 million (Iran: 81.2 million).

New Jersey GDP per capita: $60,684 (Iran: $6,911).