EU and US GDP by State, First Quarter 2020

The chart above shows the annualized nominal gross domestic product (GDP) in each EU and US state as of the first quarter of 2020 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 $3,745,501.32 million (down from $3,838,368.90 million last quarter and down from $3,878,850.46 million last year).  Germany and Malta had the largest and smallest GDP respectively both last quarter and last year.
• Germany has 257.50 times the GDP that Malta does.  The ratio of largest GDP to smallest GDP was up from 256.28 last quarter and down from 262.90 last year.
• The median GDP in the 28 EU states is $245,793.68 million (down from $253,022.72 million last quarter and down from $246,144.01 last year) and the mean $638,234.90 million (down from $660,598.71 the previous quarter and down from $664,385.36 last year).
• The median GDP in the 50 US states is $251,140.05 million (down from $252,688.10 million last quarter and up from $245,022.70 last year) and the mean $425,371.36 million (down from $429,171.76 the previous quarter and up from $416,714.35 last year).
• The median GDP in the 78 EU and US states is $248,916.32 million (down from $252,903.58 million last quarter and up from $246,144.01 last year) and the mean $501,783.91 million (down from $512,248.10 the previous quarter and down from $505,621.89 last year).
• Three states saw their GDP rise in current dollars from the previous quarter (2 from the US and 1 from the EU) while 75 states saw their GDP drop in current dollars (48 from the US and 27 from the EU).
• Forty-nine states saw their GDP rise in current dollars from last year (45 from the US and 4 from the EU) while 29 states saw their GDP drop in current dollars (5 from the US and 24 from the EU).
• Some EU drops in GDP are attributed to currency rate fluctuations.

Caveats

• Data is from the first quarter of 2019, the fourth quarter of 2019, and the first quarter of 2020.
• 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 1.14 for the first quarter of 2019, 1.11 for the fourth quarter of 2019, and 1.10 for the first quarter of 2020 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, France saw the largest decrease over the previous quarter with a drop of $141,644.20 million.  Ireland had the largest growth with a gain of $2,296.04 million.  Year over year, France had the largest decrease with a drop of $177,724.72 million while California had the greatest increase with a gain of $76,711.00 million.

In relative terms, Italy had the largest decrease over the previous quarter with a 6.01% drop in GDP while Ireland had the greatest increase with a 0.58% rise in GDP.  Year over year, Italy had the largest decrease with a 7.96% drop in GDP while Utah had the largest growth with a 3.60% rise in GDP.

Germany accounted for just under one-tenth of the economic output of the 78 EU and US states at 9.61%.  It, with California and the United Kingdom accounted for just under one-fourth of the economic output of the 78 states at 24.88%.  Adding in France and Texas amounts to just over one-third the economic output of the 78 states at 36.27%.

South Dakota (from 71st to 69th largest economy in the EU and US out of 78) overcame two states over the previous quarter.  Alaska (from 68th to 70th) and Slovenia (from 70th to 72nd) were each bested by two states.  Year over year, Lithuania (70th to 68th largest GDP) and South Dakota (from 71st to 69th) each bested two states.  On the flip side, Slovenia (69th to 72nd) fell three spots.

Two EU states bested two US states over the quarter and one EU state bested one US state over the year.  Nine US states bested eight EU states over the quarter and 14 US states bested 12 EU states over the year.

Sources

Eurostat.  2020.  "GDP and Main Components."  Accessed July 15, 2020.  https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_-65D7EB62_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 July 16, 2020.  https://www.federalreserve.gov/releases/g5/.

US Bureau of Economic Analysis.  2020.  "GDP by State."  Accessed July 14, 2020.  https://www.bea.gov/data/gdp/gdp-state.