The chart above shows the annualized nominal gross domestic product (GDP) in each EU and US state as of the second quarter of 2019 in millions of US dollars, the change from the previous quarter, and the GDP one year prior. Only four states in both the EU and the US (three of which are from the EU) have an annualized GDP of over $2 trillion.
Findings
- The difference between the state with the largest GDP, Germany, and the state with the smallest, Malta, is $3,823,736.45 million (down from $3,869,489.23 million last quarter and down from $3,965,464.13 million last year). Germany and Malta had the largest and smallest GDP respectively both last quarter and last year.
- Germany has 262.70 times the GDP that Malta does. The ratio of largest GDP to smallest GDP was down from 266.36 last quarter and down from 273.49 last year.
- The median GDP in the 28 EU states is $243,395.26 million (down from $244,116.18 million last quarter and down from $243,720.09 last year) and the mean $655,571.18 million (down from $662,425.70 the previous quarter and down from $674,178.13 last year).
- The median GDP in the 50 US states is $247,742.35 million (up from $245,022.70 million last quarter and up from $235,299.60 last year) and the mean $421,496.95 million (up from $416,714.35 the previous quarter and up from $405,087.28 last year).
- The median GDP in the 78 EU and US states is $245,217.69 million (up from $244,498.19 million last quarter and up from $239,954.99 last year) and the mean $505,523.60 million (up from $504,918.42 the previous quarter and up from $501,683.99 last year).
- Fifty-five states saw their GDP rise in current dollars from the previous quarter (50 from the US and 5 from the EU) while 23 states saw their GDP drop in current dollars (all from the EU).
- Fifty-nine states saw their GDP rise in current dollars from last year (50 from the US and 9 from the EU) while 19 states saw their GDP drop in current dollars (all from the EU).
- All EU drops in GDP, except for Sweden's quarterly drop, are attributed to currency rate fluctuations.
Caveats
- Data is from the second quarter of 2019, the first quarter of 2019, and the second quarter of 2018.
- The data is seasonally and calendar adjusted in current dollars except for Slovakia which is only seasonally adjusted in current dollars.
- Euros are converted to dollars at an average exchange rate of 1.12 for the second quarter of 2019, 1.14 for the first quarter of 2019, and 1.19 for the second 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.
Details
In absolute terms, Germany saw the largest decrease over the previous quarter with a drop of $45,723.68 million. California had the largest growth with a gain of $36,062.10 million. Year over year, Germany had the largest decrease with a drop of $141,669.36 million while California had the greatest increase with a gain of $131,108.70 million.
In relative terms, Sweden had the largest decrease over the previous quarter with a 2.95% drop in GDP while Texas had the greatest increase with a 1.59% rise in GDP. Year over year, Italy had the largest decrease with a 5.41% drop in GDP while Washington had the largest growth with a 5.95% rise in GDP.
Germany accounted for just under one-tenth of the economic output of the 78 EU and US states at 9.73%. It, with California and the United Kingdom accounted for just under one-fourth of the economic output of the 78 states at 24.82%. Adding in France and Italy amounts to just over one-third the economic output of the 78 states at 36.73%.
Michigan (from 22nd to 21st largest economy in the EU and US out of 78), Colorado (from 27th to 26th), Wisconsin (from 33rd to 32nd), Kentucky (from 45th to 44th), Lithuania (from 70th to 69th), and Vermont (from 75th to 74th) overcame one state each over the previous quarter. Sweden (from 21st to 22nd), Ireland (from 26th to 27th), Denmark (from 32nd to 33rd), Greece (from 44th to 45th), Slovenia (from 69th to 70th), and Latvia (from 74th to 75th) were each bested by one state. Year over year, Washington (19th to 16th largest GDP) bested three states; Virginia (from 22nd to 20th), Michigan (from 23rd to 21st), Oregon (from 40th to 38th), and South Carolina (from 42nd to 40th) each bested two. Finally, 11 states each rose one spot (Colorado, Tennessee, Arizona, Wisconsin, Connecticut, Kentucky, Nevada, Idaho, Rhode Island, Lithuania, and Vermont). On the flip side, Portugal (39th to 42nd) fell three spots. Poland (16th to 18th), Sweden (20th to 22nd), Belgium (from 21st to 23rd), and Denmark (31st to 33rd) each fell two, and 11 states each fell one (North Carolina, Ireland, Indiana, Finland, Czechia, Greece, Kansas, West Virginia, Croatia, Slovenia, and Latvia).
Not a single EU state bested a single US state over the quarter or over the year.
Sources
Eurostat. 2019. "GDP and Main Components." Accessed November 15, 2019. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_1F30ECEB_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.
Federal Reserve. 2019. "Foreign Exchange Rates." Accessed November 18, 2019. https://www.federalreserve.gov/releases/g5/.
US Bureau of Economic Analysis. 2019. "GDP by State." Accessed November 14, 2019. https://www.bea.gov/data/gdp/gdp-state.