The chart above shows the annualized nominal gross domestic product (GDP) in each EU and US state as of the fourth quarter of 2020 in millions of US dollars, the change from the previous quarter, and the GDP one year prior. Every single state except for Austria 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 $4,015,073.80 million (up from $3,910,579.92 million last quarter and up from $3,857,664.25 million last year). Germany and Malta had the largest and smallest GDP respectively both last quarter and last year.
- Germany has 254.83 times the GDP that Malta does. The ratio of largest GDP to smallest GDP was down from 259.46 last quarter and up from 249.83 last year.
- The median GDP in the 28 EU states is $266,183.01 million (up from $252,071.12 million last quarter and up from $253,377.92 last year) and the mean $681,568.49 million (up from $667,879.04 the previous quarter and up from $662,274.97 last year).
- The median GDP in the 50 US states is $248,528.10 million (up from $245,024.95 million last quarter and down from $255,178.55 last year) and the mean $424,592.58 million (up from $418,146.01 the previous quarter and down from $429,636.22 last year).
- The median GDP in the 78 EU and US states is $252,636.80 million (up from $248,290.24 million last quarter and down from $253,377.92 last year) and the mean $516,840.34 million (up from $507,793.76 the previous quarter and up from $513,147.57 last year).
- Of the 78 states, 77 (27 EU, 50 US) saw a rise of GDP in current dollars from the previous quarter while one (1 EU, 0 US) saw a contraction.
- Of the 78 states, 37 (24 EU, 13 US) saw a rise of GDP in current dollars from last year while 41 (4 EU, 37 US) saw a contraction.
- Some EU gains in GDP are attributed to currency rate fluctuations.
Caveats
- Data is from the fourth quarter of 2019, the third quarter of 2020, and the fourth 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 fourth quarter of 2019, 1.17 for the third quarter of 2020, and 1.19 for the fourth 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, Austria had the worst performance over the previous quarter with a drop of $3,914.69 million. Germany had the best performance with a gain of $105,181.40 million. Year over year, New York had the worst performance with a drop of $66,634.00 million while Germany had the best performance with a gain of $157,724.36 million.
In relative terms, Austria had the worst performance over the previous quarter with a 0.86% drop in GDP while Romania had the best performance with a 9.00% gain in GDP. Year over year, Wyoming had the worst performance with a 9.10% drop in GDP while Luxembourg had the best performance with a 11.94% gain in GDP.
Germany accounted for one-tenth of the economic output of the 78 EU and US states at 10.00%. It, with California and the United Kingdom accounted for just under one-fourth of the economic output of the 78 states at 24.97%. Adding in France and Italy amounts to just over one-third the economic output of the 78 states at 36.93%.
Romania (from 39th to 37th largest economy in the EU and US out of 78) rose two spots over the previous quarter. Oregon (from 37th to 39th) fell two spots. Year over year, Sweden (23rd to 20th largest GDP) and Romania (40th to 37th largest GDP) rose three spots. On the flip side, Louisiana (37th to 41st) fell four spots.
Two EU states bested one US state over the quarter and 11 EU states bested 13 US states over the year. One US state bested one EU state over the quarter and two US states bested one EU state over the year.
Sources
Eurostat. 2021. "GDP and Main Components." Accessed March 31, 2021. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_-2BC5CE0A_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. 2021. "Foreign Exchange Rates." Accessed March 31, 2021. https://www.federalreserve.gov/releases/g5/.
Office for National Statistics. 2021. "Gross Domestic Product at market prices: Current price: Seasonally adjusted £m - Office for National Statistics." Accessed March 31, 2021. https://www.ons.gov.uk/economy/grossdomesticproductgdp/timeseries/ybha/ukea.
US Bureau of Economic Analysis. 2021. "GDP by State." Accessed March 30, 2021. https://www.bea.gov/data/gdp/gdp-state.