The chart above shows the annualized nominal gross domestic product (GDP) in each EU and US state as of the second quarter of 2021 in millions of US dollars, the change from the previous quarter, and the GDP one year prior. Every single state except for Bulgaria and Malta 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 $4,187,965.36 million (up from $4,129,880.04 million last quarter and up from $3,443,076.56 million last year). Germany and Malta had the largest and smallest GDP respectively both last quarter and last year.
- Germany has 256.03 times the GDP that Malta does. The ratio of largest GDP to smallest GDP was up from 247.83 last quarter and down from 266.39 last year.
- The median GDP in the 28 EU states is $285,159.49 million (up from $277,338.78 million last quarter and up from $218,416.00 last year) and the mean $727,772.96 million (up from $705,899.77 the previous quarter and up from $567,990.01 last year).
- The median GDP in the 50 US states is $258,713.95 million (up from $251,193.30 million last quarter and up from $222,455.75 last year) and the mean $448,965.68 million (up from $435,034.74 the previous quarter and up from $384,127.95 last year).
- The median GDP in the 78 EU and US states is $265,095.90 million (up from $257,345.55 million last quarter and up from $218,526.50 last year) and the mean $549,050.35 million (up from $532,268.34 the previous quarter and up from $450,129.71 last year).
- Of the 78 states, 76 (26 EU, 50 US) saw a rise of GDP in current dollars from the previous quarter while 2 (2 EU, 0 US) saw a contraction.
- Of the 78 states, 76 (28 EU, 48 US) saw a rise of GDP in current dollars from last year while 2 (0 EU, 2 US) saw a contraction.
- No EU gains in GDP are attributed to currency rate fluctuations.
Caveats
- Data is from the second quarter of 2020, the first quarter of 2020, and the second quarter of 2021.
- 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 1.10 for the second quarter of 2020, 1.21 for the first quarter of 2020, and 1.21 for the second quarter of 2021 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 drop of $310.24 million. The United Kingdom had the best performance with a gain of $240,264.86 million. Year over year, Malta had the worst performance with a gain of $3,447.80 million while the United Kingdom had the best performance with a gain of $882,922.39 million.
In relative terms, Malta had the worst performance over the previous quarter with a -1.85% drop in GDP while the United Kingdom had the best performance with a 8.00% gain in GDP. Year over year, Delaware had the worst performance with a 10.69% gain in GDP while the United Kingdom had the best performance with a 37.38% gain in GDP.
Germany accounted for just under one-tenth of the economic output of the 78 EU and US states at 9.82%. It, with California and the United Kingdom accounted for just over one-fourth of the economic output of the 78 states at 25.08%. Adding in France and Italy amounts to just over one-third the economic output of the 78 states at 36.94%.
North Dakota (from 68th to 66th largest economy in the EU and US out of 78) rose 2 spots over the previous quarter. Poland (from 14th to 16th) fell 2 spots. Year over year, Croatia (69th to 65th largest GDP) rose 4 spots. On the flip side, Arizona (28th to 32nd) fell 4 spots.
One EU state bested one US state over the quarter and 16 EU states bested 22 US states over the year. Four US states bested three EU states over the quarter and one US state bested one EU state over the year.
Sources
Eurostat. 2021. "GDP and Main Components." Accessed October 26, 2021. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_319D4A03_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 October 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 October 26, 2021. https://www.ons.gov.uk/economy/grossdomesticproductgdp/timeseries/ybha/ukea.
US Bureau of Economic Analysis. 2021. "GDP by State." Accessed October 25, 2021. https://www.bea.gov/data/gdp/gdp-state.