The chart above shows the per capita annualized nominal gross domestic product (GDP) in each EU and US region as of the first quarter of 2019 in US dollars, the change from the previous quarter, and the per capita GDP one year prior. US regions have seen growth in per capita GDP over the same quarter last year and over the previous quarter.
Findings
- The difference between the region with the largest per capita GDP, the Northeastern US, and the region with the smallest, the Eastern EU, is $61,404.52 (up from $61,003.12 last quarter and up from $57,751.34 last year). The Northeastern US and the Eastern EU had the largest and smallest per capita GDP respectively both last quarter and last year.
- The Northeastern US has 4.90 times the per capita GDP that the Northern EU does. The ratio of largest per capita GDP to smallest per capita GDP went down from 4.96 last quarter and up from 4.61 last year.
- All eight regions saw their per capita GDP rise in current dollars from the previous quarter.
- Four regions (all from the US) saw their per capita GDP rise in current dollars from last year while four (all from the EU) saw it drop.
- All EU drops in per capita GDP are attributed to currency rate fluctuations.
Caveats
- GDP data is from the first quarter of 2019, the fourth quarter of 2018, and the first quarter of 2018.
- US census data is from 2010, EU census data is from 2011.
- The data is seasonally adjusted in current dollars.
- Euros are converted to dollars at an average exchange rate of 1.14 for the first quarter of 2019, 1.14 for the fourth quarter of 2018, and 1.23 for the first quarter of 2018 according to historic rates listed at the Federal Reserve (see source link below).
- US data comes in an annualized format which the EU does not, thus EU data is annualized by multiplying the quarterly figure by four.
- US growth rates may differ from those provided by the Bureau of Economic Analysis as the BEA's growth rates are based on chained dollars in conjunction with the chain index or the quality index for real GDP. The growth rates listed here are based on nominal GDP.
- All figures are rounded to the nearest hundredth.
- The Western EU consists of Germany, United Kingdom, France, Netherlands, Belgium, Austria, Ireland, and Luxembourg.
- The Southern US consists of Texas, Florida, Georgia, North Carolina, Virginia, Tennessee, Louisiana, South Carolina, Alabama, Kentucky, Oklahoma, Arkansas, Mississippi, and West Virginia.
- The Western US consists of California, Washington, Colorado, Arizona, Oregon, Utah, Nevada, New Mexico, Hawaii, Idaho, Alaska, Montana, and Wyoming.
- The Northeastern US consists of New York, Pennsylvania, New Jersey, Massachusetts, Maryland, Connecticut, New Hampshire, Delaware, Maine, Rhode Island, and Vermont.
- The Midwestern US consists of Illinois, Ohio, Michigan, Indiana, Minnesota, Wisconsin, Missouri, Iowa, Kansas, Nebraska, North Dakota, and South Dakota.
- The Southern EU consists of Italy, Spain, Portugal, Greece, Cyprus, and Malta.
- The Eastern EU consists of Poland, Czech Republic, Romania, Hungary, Slovakia, Bulgaria, Croatia, Slovenia, Lithuania, Latvia, and Estonia.
- The Northern EU consists of Sweden, Denmark, and Finland.
Details
In absolute terms, the Southern EU saw the smallest increase over the previous quarter with a gain of $177.83. The Western US had the largest growth with a gain of $817.45. Year over year, the Northern EU had the largest decrease with a drop of $3,369.60 while the Western US had the greatest increase with a gain of $3,927.03.
In relative terms, the Northern EU had the smallest increase over the previous quarter with a 0.52% gain in per capita GDP while the Eastern EU had the greatest increase with a 2.23% rise in per capita GDP. Year over year, the Northern EU had the largest decrease with a 5.59% drop in per capita GDP while the Western US had the largest growth with a 5.52% rise in per capita GDP.
The Northern EU has the smallest range in per capita GDP with a low of $50,246.50 in Finland to a high of $62,174.32 in Denmark. The Midwestern US has the greatest range with a low of $54,437.05 in Missouri to a high of $82,671.64 in North Dakota.
No region overcame another region in the quarter. The Southern and Midwestern US overcame the Northern EU over the course of the year dropping the Northern EU from third largest per capita GDP to fifth as its per capita GDP shrank from $60,268.41 to $56,898.81 while the Southern US's per capita GDP rose from $57,255.65 to $60,366.90 and the Midwestern US's rose from $59,118.09 to $61,919.02.
Sources
Eurostat. 2019. "GDP and Main Components." Accessed August 19, 2019. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_-64A128D_UID_-3F171EB0&layout=TIME,C,X,0;GEO,L,Y,0;UNIT,L,Z,0;S_ADJ,L,Z,1;NA_ITEM,L,Z,2;INDICATORS,C,Z,3;&zSelection=DS-406779UNIT,CP_MEUR;DS-406779INDICATORS,OBS_FLAG;DS-406779S_ADJ,SCA;DS-406779NA_ITEM,B1GQ;&rankName1=UNIT_1_2_-1_2&rankName2=INDICATORS_1_2_-1_2&rankName3=NA-ITEM_1_2_-1_2&rankName4=S-ADJ_1_2_-1_2&rankName5=TIME_1_0_0_0&rankName6=GEO_1_2_0_1&sortC=ASC_-1_FIRST&rStp=&cStp=&rDCh=&cDCh=&rDM=true&cDM=true&footnes=false&empty=false&wai=false&time_mode=NONE&time_most_recent=false&lang=EN&cfo=%23%23%23%2C%23%23%23.%23%23%23.
Eurostat. 2017. "Population on 1 January by Age Groups and Sex - Functional Urban Areas." Accessed December 11, 2017. http://appsso.eurostat.ec.europa.eu/nui/show.do?dataset=urb_lpop1&lang=en.
Federal Reserve. 2019. "Foreign Exchange Rates." Accessed August 20, 2019. https://www.federalreserve.gov/releases/g5/.
US Bureau of Economic Analysis. 2019. "GDP by State." Accessed August 18, 2019. https://www.bea.gov/data/gdp/gdp-state.
United States Census Bureau. September 2012. "United States Summary: 2010: Population and Housing Unit Counts." Accessed January 23, 2018. https://www.census.gov/prod/cen2010/cph-2-1.pdf.