The chart above shows the annualized nominal gross domestic product (GDP) in each EU and US state as of the third 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 $3,801,646.55 million (down from $3,823,628.48 million last quarter and down from $3,870,406.82 million last year). Germany and Malta had the largest and smallest GDP respectively both last quarter and last year.
- Germany has 257.72 times the GDP that Malta does. The ratio of largest GDP to smallest GDP was down from 260.77 last quarter and down from 265.34 last year.
- The median GDP in the 28 EU states is $246,692.17 million (up from $244,128.42 million last quarter and up from $241,515.48 last year) and the mean $650,848.93 million (down from $655,687.36 the previous quarter and down from $660,080.47 last year).
- The median GDP in the 50 US states is $250,373.50 million (up from $247,742.35 million last quarter and up from $238,579.10 last year) and the mean $425,484.79 million (up from $421,496.95 the previous quarter and up from $409,807.28 last year).
- The median GDP in the 78 EU and US states is $247,702.66 million (up from $245,046.33 million last quarter and up from $241,426.00 last year) and the mean $506,384.74 million (up from $505,565.30 the previous quarter and up from $499,648.94 last year).
- Sixty-two states saw their GDP rise in current dollars from the previous quarter (48 from the US and 14 from the EU) while 16 states saw their GDP drop in current dollars (2 from the US and 14 from the EU).
- Sixty-two states saw their GDP rise in current dollars from last year (49 from the US and 13 from the EU) while 16 states saw their GDP drop in current dollars (1 from the US and 15 from the EU).
- All EU drops in GDP, except for the United Kingdom's, Greece's, and Bulgaria's quarterly drop, are attributed to currency rate fluctuations.
Caveats
- Data is from the third quarter of 2019, the second quarter of 2019, and the third 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 1.11 for the third quarter of 2019, 1.12 for the second quarter of 2019, and 1.16 for the third 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, the United Kingdom saw the largest decrease over the previous quarter with a drop of $90,072.84 million. California had the largest growth with a gain of $31,492.20 million. Year over year, Germany had the largest decrease with a drop of $68,593.52 million while California had the greatest increase with a gain of $137,883.20 million.
In relative terms, the United Kingdom had the largest decrease over the previous quarter with a 3.18% drop in GDP while Romania had the greatest increase with a 1.83% rise in GDP. Year over year, Greece had the largest decrease with a 3.14% drop in GDP while Rhode Island had the largest growth with a 5.78% rise in GDP.
Germany accounted for just under one-tenth of the economic output of the 78 EU and US states at 9.66%. It, with California and the United Kingdom accounted for just under one-fourth of the economic output of the 78 states at 24.59%. Adding in France and Italy amounts to just over one-third the economic output of the 78 states at 36.42%.
North Carolina (from 19th to 18th largest economy in the EU and US out of 78), Belgium (from 23rd to 22nd), Romania (from 41rd to 40th), and Maine (from 64th to 63rd) overcame one state each over the previous quarter. Poland (from 18th to 19th), Sweden (from 22nd to 23rd), Czechia (from 40th to 41rd), and Bulgaria (from 63rd to 64th) were each bested by one state. Year over year, South Carolina (42nd to 39th largest GDP) bested three states. On the flip side, Poland (16th to 19th), Sweden (from 20th to 23rd), and Czechia (from 38th to 41st) fell three spots.
Not a single EU state bested a single US state over the quarter or over the year. Two US states bested two EU states over the quarter and 13 US states bested 11 EU states over the year.
Sources
Eurostat. 2020. "GDP and Main Components." Accessed January 29, 2020. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_-583B1285_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. 2020. "Foreign Exchange Rates." Accessed January 30, 2020. https://www.federalreserve.gov/releases/g5/.
US Bureau of Economic Analysis. 2020. "GDP by State." Accessed January 28, 2020. https://www.bea.gov/data/gdp/gdp-state.