Mon, 22 Apr 2019

How US States Are Richer Than Some Foreign Nations

Voice of America
23 Mar 2019, 16:05 GMT+10

The United States is an economic powerhouse.

As the largest economy in the world, the U.S. produced $20.5 trillion worth of goods and services known as its Gross Domestic Product (GDP) in 2018. That's impressive when you consider that the total GDP for the entire world was about $80 trillion in 2017.

In fact, every U.S. state has a GDP that makes it as powerful, economically, as a foreign nation.

California is the state with the highest GDP in the country. Its $2.97 trillion economy is on par with Britain, which has a GDP of $2.81 trillion. The UK needed 14.5 million workers 75 percent more than California used to produce the same economic output. On its own, California is the fifth-largest economy in the world.

The GDP of Texas ($1.78 trillion) is equivalent to the economy of Canada ($1.73 trillion), while New York's GDP ($1.70 trillion) matches up to South Korea ($1.66 trillion).

Even the smaller U.S. states can hold their own. Wyoming, the smallest U.S. state population-wise, with fewer than 600,000 residents, has a GDP of $41 billion, which is about the same as Jordan's, a country of 9 million people.

Mark J. Perry, an economics and finance professor at the University of Michigan, and a scholar at the American Enterprise Institute, used data from the U.S. Department of Commerce and the International Monetary Fund for his analysis comparing the GDP's of U.S. states to entire countries.

He says those numbers are a testament to the 'world-class productivity of the American workforce,' and a reminder of 'how much wealth, output and prosperity is being created every day in the largest economic engine there has ever been in human history.'

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