The chart above shows the annualized nominal gross domestic product (GDP) in each EU and US state as of the third quarter of 2020 in millions of US dollars, the change from the previous quarter, and the GDP one year prior. Every single state had an increase in GDP over the previous quarter.
Findings
- The difference between the state with the largest GDP, Germany, and the state with the smallest, Malta, is $3,910,282.74 million (up from $3,418,819.80 million last quarter and up from $3,831,949.99 million last year). Germany and Malta had the largest and smallest GDP respectively both last quarter and last year.
- Germany has 265.79 times the GDP that Malta does. The ratio of largest GDP to smallest GDP was down from 280.25 last quarter and up from 251.65 last year.
- The median GDP in the 28 EU states is $249,506.95 million (up from $215,964.98 million last quarter and up from $249,115.75 last year) and the mean $666,106.96 million (up from $564,442.23 the previous quarter and up from $653,225.30 last year).
- The median GDP in the 50 US states is $245,024.95 million (up from $224,409.30 million last quarter and down from $251,947.65 last year) and the mean $418,146.01 million (up from $385,292.45 the previous quarter and down from $425,526.03 last year).
- The median GDP in the 78 EU and US states is $245,860.61 million (up from $220,358.60 million last quarter and down from $249,209.63 last year) and the mean $507,157.63 million (up from $449,602.63 the previous quarter and down from $507,264.23 last year).
- Of the 78 states, 78 (28 EU, 50 US) saw a rise of GDP in current dollars from the previous quarter while zero (0 EU, 0 US) saw a contraction.
- Of the 78 states, 26 (22 EU, 4 US) saw a rise of GDP in current dollars from last year while 52 (6 EU, 46 US) saw a contraction.
- No EU drops in GDP are attributed to currency rate fluctuations.
Caveats
- Data is from the third quarter of 2019, the second quarter of 2020, and the third 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 1.11 for the third quarter of 2019, 1.10 for the second quarter of 2020, and 1.17 for the third 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, Malta had the worst performance over the previous quarter with a gain of $2,524.74 million. France had the best performance with a gain of $510,856.00 million. Year over year, Texas had the worst performance with a drop of $78,494.80 million while Germany had the best performance with a gain of $77,812.68 million.
In relative terms, Delaware had the worst performance over the previous quarter with a 8.78% gain in GDP while Spain had the best performance with a 24.35% gain in GDP. Year over year, Wyoming had the worst performance with a 11.11% drop in GDP while Ireland had the best performance with a 12.42% gain in GDP.
Germany accounted for just under one-tenth of the economic output of the 78 EU and US states at 9.92%. It, with California and France accounted for just under one-fourth of the economic output of the 78 states at 24.82%. Adding in the United Kingdom and Italy amounts to just over one-third the economic output of the 78 states at 36.90%.
Slovenia (from 71st to 68th largest economy in the EU and US out of 78) rose three spots over the previous quarter. South Dakota (from 66th to 69th) fell three spots. Year over year, Lithuania (70th to 66th largest GDP) rose four spots. On the flip side, Louisiana (37th to 41st) fell four spots.
Fourteen EU states bested 15 US states over the quarter and 13 EU states bested 16 US states over the year. Zero US states bested zero EU states over the quarter and two US states bested one EU state over the year.
Sources
Eurostat. 2020. "GDP and Main Components." Accessed December 28, 2020. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_-417A9D0D_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-406779NA_ITEM,B1GQ;DS-406779S_ADJ,SCA;&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 December 29, 2020. https://www.federalreserve.gov/releases/g5/.
US Bureau of Economic Analysis. 2020. "GDP by State." Accessed December 24, 2020. https://www.bea.gov/data/gdp/gdp-state.