The chart above shows the annualized nominal gross domestic product (GDP) in each EU and US state as of the first quarter of 2021 in millions of US dollars, the change from five years ago, and the GDP ten years prior. Germany continues to be the largest economy.
Findings
- The difference between the state with the largest GDP, Germany, and the state with the smallest, Malta, is $4,130,318.54 million (up from $3,395,869.84 million five years ago and up from $3,635,775.60 million ten years ago). Germany and Malta had the largest and smallest GDP respectively both five and ten years ago.
- Germany has 254.50 times the GDP that Malta does. The ratio of largest GDP to smallest GDP was down from 301.61 five years ago and down from 387.12 ten years ago.
- The median GDP in the 28 EU states is $278,460.45 million (up from $197,916.40 million five years ago and up from $239,497.92 ten years ago) and the mean $727,272.92 million (up from $587,908.40 five years ago and up from $647,300.46 ten years ago).
- The median GDP in the 50 US states is $256,530.90 million (up from $210,540.95 million five years ago and up from $173,866.50 ten years ago) and the mean $435,801.50 million (up from $364,591.74 five years ago and up from $301,324.76 ten years ago).
- The median GDP in the 78 EU and US states is $260,090.20 million (up from $205,978.88 million five years ago and up from $226,337.82 ten years ago) and the mean $540,432.27 million (up from $444,756.70 five years ago and up from $425,521.17 ten years ago).
- Of the 78 states, 78 (28 EU, 50 US) had the GDP rise in current dollars from five years ago while 0 (0 EU, 0 US) had the GDP drop in current dollars.
- Of the 78 states, 74 (24 EU, 50 US) had the GDP rise in current dollars from ten years ago while 4 (4 EU, 0 US) had the GDP drop in current dollars.
- Some EU gains and drops in GDP are attributed to currency rate fluctuations.
Caveats
- Data is from the first quarters of 2021, 2016, and 2011.
- The data is seasonally adjusted in current dollars.
- Euros are converted to dollars at an average exchange rate of 1.21 for the first quarter of 2021, 1.10 for the first quarter of 2016, and 1.37 for the first quarter of 2011 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, Wyoming had the worst performance over the past five years with a gain of $3,115.60 million. The United Kingdom had the best performance with a gain of $824,300.44 million. Over the past ten years, Italy had the worst performance with a drop of $198,479.75 million while California had the best performance with a gain of $1,208,047.00 million.
In relative terms, Greece had the worst performance over the past five years with a 8.08% rise in GDP while Ireland had the best performance with a 71.97% rise in GDP. Over the past ten years, Greece had the worst performance with a 28.85% drop in GDP while Ireland had the best performance with a 110.61% rise in GDP.
There were 52 states (18 EU, 34 US) with a GDP of over $100,000 million ten years ago, 54 states (18 EU, 36 US) five years ago, and 56 states (19 EU, 37 US) now. On the flip side, there were 11 states (5 EU, 6 US) with a GDP of less than $50,000 million ten years ago, 11 states (6 EU, 5 US) five years ago, and 6 states (4 EU, 2 US) now.
Ireland (from 34th largest GDP to 24th largest GDP out of 78) rose 10 spots in the five year period. Conversely, Alaska (from 68th to 72nd) fell 4 spots in the five year period. Over the past ten years, Ireland (from 37th to 24th) rose 13 spots, while Greece (from 27th to 46th) fell 19 spots.
Sources
Eurostat. 2021. "GDP and Main Components." Accessed August 26, 2021. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_-B4FCD9_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 August 27, 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 August 26, 2021. https://www.ons.gov.uk/economy/grossdomesticproductgdp/timeseries/ybha/ukea.
US Bureau of Economic Analysis. 2021. "GDP by State." Accessed August 25, 2021. https://www.bea.gov/data/gdp/gdp-state.