# Long-Term Per Capita GDP by EU and US State, Second Quarter 2020

Dec 1, 2020

The chart above shows the per capita annualized nominal gross domestic product (GDP) in each EU and US state as of the second quarter of 2020 in dollars, the change from five years ago, and the GDP ten years prior.  There are 18 states that have a lower per capita GDP now than they did five years ago and 12 that have a lower per capita GDP now than they did ten years ago.

## Findings

• The difference between the state with the largest per capita GDP, Luxembourg, and the state with the smallest, Bulgaria, is \$122,327.89 (up from \$105,906.50 five years ago and up from \$93,467.85 ten years ago).  Luxembourg and Bulgaria had the largest and smallest per capita GDP respectively both five and ten years ago.
• Luxembourg has 15.29 times the per capita GDP that Bulgaria does.  The ratio of largest per capita GDP to smallest per capita GDP was down from 16.29 five years ago and down from 15.48 ten years ago.
• The median per capita GDP in the 28 EU states is \$24,287.99 (down from \$24,549.84 five years ago and down from \$27,645.87 ten years ago) and the mean \$33,358.93 (up from \$31,438.52 five years ago and up from \$30,495.35 ten years ago).
• The median per capita GDP in the 50 US states is \$57,227.97 (up from \$53,668.65 five years ago and up from \$44,825.90 ten years ago) and the mean \$58,540.03 (up from \$56,058.57 five years ago and up from \$46,792.88 ten years ago).
• The median per capita GDP in the 78 EU and US states is \$50,754.21 (up from \$49,097.97 five years ago and up from \$42,602.49 ten years ago) and the mean \$49,500.66 (up from \$47,220.60 five years ago and up from \$40,942.48 ten years ago).
• Of the 78 states, 60 (19 EU, 41 US) had a per capita GDP rise in current dollars over the past five years while 18 (9 EU, 9 US) had a per capita GDP drop.
• Of the 78 states, 66 (19 EU, 47 US) had a per capita GDP rise in current dollars over the past ten years while 12 (9 EU, 3 US) had a per capita GDP drop.
• Some EU drops in per capita GDP are attributed to currency rate fluctuations.

## Caveats

• GDP data is from the second quarter of 2020, 2015, and 2010.
• US census data is from 2000 and 2010, EU census data is from 2001 and 2011.
• The data is seasonally adjusted in current dollars.
• Euros are converted to dollars at an average exchange rate of 1.10 for the second quarter of 2020, 1.11 for the second quarter of 2015, and 1.27 for the second quarter of 2010 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 had the worst performance over the past five years with a drop of \$9,580.08.  Ireland had the best performance with a gain of \$20,863.52.  Over the past ten years, Greece had the worst performance with a drop of \$10,734.19 while Ireland had the best performance with a gain of \$36,727.13.

In relative terms, the United Kingdom had the worst performance over the past five years with a 20.39% drop in per capita GDP while Ireland had the best performance with a 33.53% rise in per capita GDP.  Over the past ten years, Greece had the worst performance with a 40.99% drop in per capita GDP while Ireland had the best performance with a 79.21% rise in per capita GDP.

There was one state (1 EU, 0 US) with a per capita GDP of over \$80,000 ten years ago, 3 states (1 EU, 2 US) five years ago, and 5 states (2 EU, 3 US) now.  On the flip side, there were 60 states (26 EU, 34 US) with a GDP of less than \$50,000 ten years ago, 40 states (24 EU, 16 US) five years ago, and 39 states (24 EU, 15 US) now.

Utah (from 29th to 12th highest per capita GDP) moved up the most spots in rank surpassing 17 states.  Conversely, Wyoming (from 10th to 25th) fell the most spots in rank as it was bested by 15 states.  Over the past ten years, Utah (from 42nd to 12th) rose the most in rank surpassing 30 states, while Wyoming (from 4th to 25th), Louisiana (from 20th to 41st), and Austria (from 31st to 52nd) dropped the most spots as they were bested by 21 states each.

Four EU states surpassed 20 US states over the past five years.  However, nine EU states were surpassed by 18 states in the same time period.  Over the past ten years, two EU states surpassed 20 US states while 10 EU states were surpassed by 42 states.  This disparity is partially due to the rise of the dollar against the euro both over the course of the past five years and the past ten years.

## Sources

Federal Reserve.  2020.  "Foreign Exchange Rates."  Accessed November 23, 2020.  https://www.federalreserve.gov/releases/g5/.

US Bureau of Economic Analysis.  2020.  "GDP by State."  Accessed November 19, 2020.  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.