These two approaches to GDP estimation have separate strengths and are generally used for different reasons. Now is the perfect time for it to step in. This is a comparison between U.S. states and sovereign states' Nominal Gross Domestic Product based on International Monetary Fund and Bureau of Economic Analysis data. Even with all of its oil wealth, Saudi Arabia’s GDP in 2018 at $683 billion was below the GDP of US states like Pennsylvania ($793 billion) and Illinois ($863 billion). Figures exclude Republic of Crimea and Sevastopol. Sign up for Innovation Inc. By clicking ‘Sign up’, you agree to receive marketing emails from Business Insider That is, it required a labor force of 6.2 million more workers in Canada to produce roughly the same output as Texas last year. California's $2.8 trillion GDP is just shy of France's $2.9 trillion economy, while the $321 billion economy of Wisconsin is slightly larger than Israel's $317 billion GDP. State and country data. So let’s not lose sight of how ridiculously large and powerful the US economy is, and how much wealth, output, and prosperity is being created every day in the largest economic engine there has ever been in human history. California is the world’s wealthiest sub-national entity - and its sixth largest economy, between the UK and France. This is a comparison between U.S. states and sovereign states' Nominal Gross Domestic Product based on International Monetary Fund and Bureau of Economic Analysis data. California's $2.8 trillion GDP is just shy of France's $2.9 trillion economy, while the $321 billion economy of Wisconsin is slightly larger than Israel's $317 billion GDP. The US economy is so large that the economies of individual states rival those of entire countries. 13 Russia ($1.57 trillion) and No. Data and Tools: Data for state level GDP is obtained from Wikipedia for the year 2017. The U.S. Bureau of Economic Analysis reported last month that California’s GDP was $2.5 trillion in 2015, up 4.1 percent from a year earlier. For example: Overall, the US produced 24.3% of world GDP in 2017, with only about 4.3% of the world’s population.

Many of the states of the United States have large gross domestic product (called gross state product) which would rank highly on a list of countries world GDP. In 2018, the growth rate for the world GDP was 3.6%. Some of the world’s largest and most famous companies contribute to the California economy, like Apple, Google, Facebook, Disney, and Chevron. The map above and the statistics summarized here help remind us of the enormity of the economic powerhouse we live and work in. Consider this: California has a labor force of 19.6 million compared to the labor force in the UK of 34 million (. Account active Countries and US states by Nominal GDP.

Using data from the Bureau of Economic Analysis and the CIA World Factbook, we found the country with the closest-sized economy to each state. Please do not edit the piece, ensure that you attribute the author and mention that this article was originally published on FEE.org. This work is licensed under a Creative Commons Attribution 4.0 International License, except for material where copyright is reserved by a party other than FEE. Another example of the world-class productivity of the American workforce. To paraphrase Truman, California “must take immediate and resolute action”. The main sectors of the California economy are agriculture, technology, tourism, media (movies and TV) and trade. Mexico, the second-largest economy in Latin America, is the 15th-largest economy in the world, with a nominal GDP of $1.22 trillion, while its GDP in terms of PPP is $2.57 trillion. America’s third largest state economy—New York with a GDP in 2018 of $1.68 trillion—produced slightly more economic output last year than South Korea ($1.65 trillion).

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