The chart above shows the annualized nominal gross domestic product (GDP) in each EU and US state as of the first quarter of 2019 in millions of US dollars, the change from the previous quarter, and the GDP one year prior. Only five states in both the EU and the US (four of which are from the EU) have an annualized GDP of over $2 trillion.
Findings
- The difference between the state with the largest GDP, Germany, and the state with the smallest, Malta, is $3,871,357.01 million (up from $3,848,465.35 million last quarter and down from $4,060,743.65 million last year). Germany and Malta had the largest and smallest GDP respectively both last quarter and last year.
- Germany has 269.54 times the GDP that Malta does. The ratio of largest GDP to smallest GDP was down from 267.71 last quarter and down from 279.31 last year.
- The median GDP in the 28 EU states is $244,171 million (up from $239,958 million last quarter and down from $249,325 last year) and the mean $660,107 million (up from $652,634 the previous quarter and down from $689,557 last year).
- The median GDP in the 50 US states is $241,469 million (up from $238,726 million last quarter and up from $229,774 last year) and the mean $416,138 million (up from $412,287 the previous quarter and up from $395,868 last year).
- The median GDP in the 78 EU and US states is $244,048 million (up from $239,958 million last quarter and up from $241,434 last year) and the mean $503,717 million (up from $498,565 the previous quarter and up from $501,295 last year).
- Seventy-four states saw their GDP rise in current dollars from the previous quarter (46 from the US and 28 from the EU) while four states saw their GDP drop in current dollars (all from the US).
- Fifty-three states saw their GDP rise in current dollars from last year (50 from the US and 3 from the EU) while 25 states saw their GDP drop in current dollars (all from the EU).
- All EU drops in GDP are attributed to currency rate fluctuations.
Caveats
- Data is from the first quarter of 2019, the fourth quarter of 2018, and the first quarter of 2018.
- 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 1.14 for the first quarter of 2019, 1.14 for the fourth quarter of 2018, and 1.23 for the first quarter of 2018 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, Oklahoma saw the largest decrease over the previous quarter with a drop of $695.60 million. The United Kingdom had the largest growth with a gain of $70,941.29 million. Year over year, Germany had the largest decrease with a drop of $189,452.88 million while California had the greatest increase with a gain of $152,260.70 million.
In relative terms, Wyoming had the largest decrease over the previous quarter with a 1.18% drop in GDP while Bulgaria had the greatest increase with a 6.71% rise in GDP. Year over year, Sweden had the largest decrease with a 7.06% drop in GDP while Washington had the largest growth with a 6.90% rise in GDP.
Germany accounted for just under one-tenth of the economic output of the 78 EU and US states at 9.89%. It, with California and the United Kingdom accounted for just under one-fourth of the economic output of the 78 states at 24.85%. Adding in France and Italy amounts to just over one-third the economic output of the 78 states at 36.94%.
Poland (from 19th to 16th largest economy in the EU and US out of 78) and Ireland (from 29th to 26th) overcame three states each over the previous quarter. In addition, Michigan (from 22nd to 21st), Czechia (from 39th to 38th), Idaho (from 60th to 59th), and Bulgaria (from 64th to 63rd) each surpassed one state from the previous quarter. Washington (from 16th to 17th), Massachusetts (from 17th to 18th), North Carolina (from 18th to 19th), Sweden (from 21st to 22nd), Colorado (from 26th to 27th), Minnesota (from 27th to 28th), Tennessee (from 28th to 29th), Oregon (from 38th to 39th), West Virginia (from 59th to 60th), and Maine (from 63rd to 64th) were each bested by one state. Year over year, Washington (21st to 17th largest GDP) bested four states; Georgia (from 17th to 15th), Virginia (from 22nd to 20th), Michigan (from 23rd to 21st), Colorado (from 29th to 27th), Minnesota (from 30th to 28th), Tennessee (from 31st to 29th), Oregon (from 41st to 39th), North Dakota (from 69th to 67th), and Alaska (from 70th to 68th) each bested two. Finally, eight states each rose one spot (California, Arizona, Connecticut, Louisiana, South Carolina, Alabama, Kentucky, and Rhode Island). On the flip side, Sweden (16th to 22nd) fell six spots, while Denmark (28th to 32nd) fell four. Belgium (20th to 23rd), Indiana (27th to 30th), and Portugal (39th to 42nd) fell three; Greece (43rd to 45th), Slovenia (67th to 69th), and Lithuania (68th to 70th) each fell two, and five states each fell one (the United Kingdom, Poland, Finland, Czechia, and Croatia).
Sources
Eurostat. 2019. "GDP and Main Components." Accessed August 19, 2019. https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_-64A128D_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-406779S_ADJ,SCA;DS-406779NA_ITEM,B1GQ;&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. 2019. "Foreign Exchange Rates." Accessed August 20, 2019. https://www.federalreserve.gov/releases/g5/.
US Bureau of Economic Analysis. 2019. "GDP by State." Accessed August 18, 2019. https://www.bea.gov/data/gdp/gdp-state.