- GDP higher than: 174 of 212 countries There's more. Yes, California is the fifth largest economy in the world. While economists, politicians, and stockbrokers fret over each decimal point of movement in an area's gross domestic product (GDP), sometimes it's good to keep a frame of reference in mind. Five charts show how Russia isn't so strong, but Ukraine is even weaker Though they have similar GDPs, Texas has a GDP per capita roughly five times that of Russia. Utah GDP: $150.1 billion Country w/ similar GDP: Hungary ($153.1 billion) Utah population: 3.1 million (Hungary: 9.8 million) Utah GDP per capita: $48,376 (Hungary: $15,648). population: 3.0 million (Angola: 29.8 million) Miss. In Sri Lanka, government debt accounts for about 79% of its GDP. The UK needed 14.5 million workers 75. Visualized: The 4 Billion Year Path of Human Evolution, Visualizing BlackRocks Top Equity Holdings. It is important to note that GDP and GNI per capita are just two of many ways to measure wealth, and there are other factors that can also contribute to a country's overall prosperity and well-being. Arizona GDP: $297.2 billion Country w/ similar GDP: Israel ($297.4 billion) Ariz. population: 7.0 million (Israel: 8.7 million) Ariz. GDP per capita: $42,353 (Israel: $34,135). Though Iraq is not often considered an economic powerhouse, it has a GDP of over $200 billion very similar to Oregon's economic output. Though Algeria's population is more than eight times the size of South Carolina's population, and the country has a landmass that is over 28 times the size of the state, the two geographic areas have nearly the exact same GDP. Economy of California - Wikipedia - GDP equal to: Macao SAR, China ($55.1 billion) plus Vanuatu ($0.9 billion). Export figures and other country information came from the Observatory of Economic Complexity from MIT Media Labs and the BBC. Comparing the two places more broadly raises questions about how we measure prosperity. Just because a country (or two) may have more residents than a U.S. state, this does not mean its GDP is healthy. In particular, ranchers and farmers are continuing to thrive in Colorado. California barely edges out the entire GDP of the U.K., whose economy is struggling because of the Brexit mess. Colorado GDP: $323.3 billion Country w/ similar GDP: Singapore ($310.0 billion) Colo. population: 5.6 million (Singapore: 5.6 million) Colo. GDP per capita: $57,654 (Singapore: $55,236). Nicaragua counts on beef, gold, and coffee. California No. 3 state for economic growth, by GDP math However, GDP is not the only measure of wealth or prosperity, and there are many other factors that can influence the overall wealth and prosperity of a region or country. Europe inflation slips to 5.5% but that won't stop central - SFGATE The GDP of Texas ($1.78 trillion) is equivalent to the economy of Canada ($1.73 trillion), while New York's GDP ($1.70 trillion) matches up to South Korea ($1.66 trillion). Ores, precious stones, and metals are important to South Africas GDP. Overall, California's economy is strong, but it is also subject to the same economic forces that can impact any economy. Oil and gas are similarly important to Canadas GDP, with Western Canada as a major location for wells and drilling. - 2018 state GDP: $221.7 billion Which States are Contributing the Most to U.S. GDP? The country is a major exporter of petroleum and minerals, and China and Russia are its two biggest customers. There are a few guidelines and Illinois GDP: $745.3 billion Country w/ similar GDP: Saudi Arabia ($684.2 billion) Ill. population: 12.8 million (Saudi Arabia: 32.9 million) Ill. GDP per capita: $58,217 (Saudi Arabia: $20,771). Not only does Silicon Valley generate massive amounts of technological output, this also translates directly to wealth and economic activity. But that's based on GDP, a metric that's less than comprehensive. The list was created using 2018 GDP data (released in 2019) from the Bureau of Economic Analysis and the World Bank. - GDP higher than: 153 of 212 countries Connecticut GDP: $238.9 billion Country w/ similar GDP: Portugal ($238.0 billion) Conn. population: 3.6 million (Portugal: 10.3 million) Conn. GDP per capita: $66,592 (Portugal: $23,117). Washington GDP: $480.9 billion Country w/ similar GDP: Norway ($481.8 billion) Wash. population: 7.4 million (Norway: 5.3 million) Wash. GDP per capita: $64,937 (Norway: $91,219). It's a good question. Got a tax extension? But since Californias GDP makes up over 15% of the countrys economic output, there must be something else at work. For example, California's $2.6 trillion economy is larger than all but half a dozen countries worldwide. New York GDP: $1.4 trillion Country w/ similar GDP: Australia ($1.4 trillion) N.Y. population: 19.8 million (Australia: 24.6 million) N.Y. GDP per capita: $71,252 (Australia: $55,926). Though Washington is one of the more productive states relative to its size with a nearly $65,000 GDP per capita, Norway's per capita output of over $91,000 is greater. Minnesota GDP: $322.4 billion Country w/ similar GDP: Singapore ($310.0 billion) Minn. population: 5.6 million (Singapore: 5.6 million) Minn. GDP per capita: $57,809 (Singapore: $55,236). Guatemala's economy is largely agriculture based, with bananas and coffee as its chief agricultural exports. Visualizing Annual Working Hours in OECD Countries, The Worlds Biggest Mutual Fund and ETF Providers. California's GDP in 2021 alone would be the fifth highest GDP in the world. - GDP equal to: Greece ($218billion) plus Suriname ($3.6 billion). Poland has the sixth largest economy in the European Union with a GDP of just over $600 billion, roughly in line with Ohio's GDP. It is a highly developed and technologically advanced economy, with a strong focus on exports and a high level of economic growth. It is difficult to compare the wealth of an individual state in the United States to that of an entire country. Wisconsin is nearly eight times the size of Israel by landmass, but it has a smaller population, and the two areas have a similar economic output of more than $290 billion. As of July 2021, the population of California was estimated to be around 39.96 million, making it the most populous state in the United States. Similarly, Texass $1.6 trillion economy is roughly the same size as the economy of Russia, a global superpower and principal geo-political rival of the United States. Alaska GDP: $52.3 billion Country w/ similar GDP: Guatemala ($52.8 billion) Alaska population: 739,795 (Guatemala: 16.9 million) Alaska GDP per capita: $70,683 (Guatemala: $3,124). The 17 oil refineries in the state can process up to 3.3 million barrels of crude oil a day and account for about 20% of American refining capacity. The United States is the largest economy in the world, with a gross domestic product (GDP) of $22.32 trillion in 2020. California Is the World's Eighth Largest Economy [EconTax Blog] - 2018 state GDP: $366.8 billion In Tuvalu, fishing and coconut meat are two notable parts of its small economy. The per-capita GDP growth plus the population growth are approximatly equal to the GDP growth California shown above. EU leaders recommit to support Ukraine as they and NATO see divisions On the opposite end of the spectrum, Singapore is tethered to machinery and oil, with Eritrea reliant on mining. Today, it is one of the most open and developed economies in the world. Visualizing California's GDP Compared to Countries - Visual Capitalist Though the United States is not the largest country in the world either by landmass or by population it is by far the worlds largest economy, with a GDP of over $17.3 trillion in 2017, equal to nearly a quarter of the global economy. Lets take a closer look. California is also home to many major companies and has a large consumer market, which further contributes to its economic strength. China's large and rapidly growing consumer market has also contributed to its economic growth. In comparison, the United Kingdom has a GDP of $2.79 trillion. If we look at Nominal GDP in US dollars, Russia's GDP is $1.78 trillion [1] in 2021 and California's GDP was $3.37 trillion [2] for the . As one of the world's largest oil exporters, the Northern European country, home to about half as many people as North Carolina, has a GDP per capita of more than $91,000, nearly double the per capita economic output of North Carolina. Enlarging its No. However, the mass presence of fossil fuels in the states economic process has drawn criticism from some circles. For example, Californias $2.6 trillion economy is larger than all but half a dozen countries worldwide. Mining has always been a rock for Wyomings GDP, but a decline in coal production might force the state to look to more modern industries to maintain its economy. - 2018 state GDP: $364.1 billion Kazakhstan is geographically large about the size of Western Europe and resource rich. - GDP higher than: 189 of 212 countries New Yorks economy is so diverse that it equals the GDP of Russia, a country that is a major world power player in moving oil, gas, and metals. Economic growth and development are influenced by a wide range of factors, and it is difficult to predict how these factors will evolve over time. It is worth noting that economic growth can be influenced by a variety of factors, such as government policies, global economic conditions, and technological innovations, among others. - GDP equal to: Turkey ($771.4 billion) plus Channel Islands ($11.5 billion). Real GDP by state U.S. 2022 | Statista Putting America's Enormous $19.4T Economy into Perspective by - AEI Its $2.97 trillion economy is on par with Britain, which has a GDP of $2.81 trillion. The economy of the State of California is the largest in the United States, with a $3.598 trillion gross state product (GSP) as of 2022. Missouri's $275.6 billion GDP most closely matches that of Chile, though the South American country has nearly three times the population of the Show Me State. To that end, Stacker compiled a list comparing every state's GDP to countries around the world. Outside of government and government enterprises, real estate and rental and leasing are major factors in Mississippis GDP. Published by Statista Research Department , Apr 18, 2023. West Virginia GDP: $70.6 billion Country w/ similar GDP: Oman ($74.8 billion) W.Va. population: 1.8 million (Oman: 4.6 million) W.Va. GDP per capita: $38,860 (Oman: $16,144). - 2018 state GDP: $208.1 billion 1. As Monaco doesnt have an income tax, the country is known as a tax haven. A bustling medical industry and retail giants like Target are the backbone of Minnesotas GDP. Three Cs: Cigarettes, coal, and copper are crucial to Montanas economic stability. Massachusetts has a $490.2 billion economy, about the same size as Norway's. Other countries that had relatively high economic growth in 2020 include India, Vietnam, and Bangladesh. Utah The Utah economy has been a powerhouse in recent decades, hence the reason why it takes the No. Michigan, of course, is the center of Americas auto industry, but electric cars and worries over global warming keep that industry on its toes as it looks to maintain its grip. No. The United States is a highly developed and diverse economy, with significant contributions from various sectors such as finance, healthcare, technology, and manufacturing. Often, however, they have far more developed economies and therefore higher GDPs per capita than the comparable country. United States: The United States has the largest economy in the world, with a GDP of $22.32 trillion in 2020. It is a major global player in industries such as manufacturing, retail, and technology, and has a large and rapidly growing consumer market. Arkansas, the state where Wal-Mart was founded, is heavily reliant on manufacturing. One of the nation's leading coal producers, West Virginia's economy is heavily based on resource extraction. Egypts economy is hard to gauge due to political factors, but oils and textiles have traditionally buttressed the country. Rhode Island's $53.5 billion GDP is about the same as the GDP of Slovenia, a country with nearly twice as many people. As a result, Singapore is more productive on a per capita basis. It is difficult to determine which country is the "richest" because wealth can be measured in many different ways. For almost two centuries, cotton has been essential to Oklahomas economy. Twitter Copyright 2023 MoverDB.com. In 2022, the world produced an average of 80.75 million barrels of oil per day (including condensates). Real California per-capita GDP is 16.43% higher today than 5 years prior in 2016. If California were a sovereign nation (2022), it would rank in terms of nominal GDP as the world's fifth largest economy, behind Germany and India. Poverty also remains a considerable challenge in the country. The state has a diverse range of industries, including technology, entertainment, agriculture, and manufacturing, which contribute to its economic strength. Kazakhstan stays afloat on strongholds in oil, iron, steel, and copper. Whats more, these 10 countries are quite densely populated, with a combined population of 653 million compared to Californias 39 million total. Iraq specializes in oil. - GDP higher than: 179 of 212 countries In fact, even if we added all the remaining smaller raw metal markets, the oil market would still be far bigger. - 2018 state GDP: $168.3 billion Croatia's economy depends heavily on tourism, and the country ranks as one of the wealthiest former Yugoslav republics. Fighting for the Axis powers in WWII and occupied by Soviets until 1991, Hungary is now a democracy and member state of NATO and the EU the latter of which has been a boon for the country's economic development. Kentucky has a diverse economy, notable for whiskies, horse breeding, and a relatively new industry of antisera. New Jersey GDP: $546.5 billion Country w/ similar GDP: Iran, Islamic Rep. ($560.9 billion) N.J. population: 9.0 million (Iran, Islamic Rep.: 81.2 million) N.J. GDP per capita: $60,684 (Iran, Islamic Rep.: $6,911). Its economy is also larger than that of many countries due to its large population and high per-capita income. Agriculture is key to Moroccos GDP too, but so are aerospace and tourism. - 2018 state GDP: $622billion Benin, meanwhile, is relatively reliant on cotton. Croatia is home to four times as many people as Delaware and its landmass is nearly nine times the size of the state. - GDP equal to: Zimbabwe ($31billion) plus Central African Republic ($2.2 billion). - 2018 state GDP: $675.9 billion Comparing each state's GDP to countries around the world Thanks in large part to its energy sector, Alaska's $52.3 billion GDP is closely aligned with that of Guatemala, a country with a population nearly 23 times that of Alaska. California's $2.6 trillion economy is the largest of any state. Hector Amezcua hamezcua@sacbee.com If California. and more. South Dakota has become a king in the soybean industry. - GDP higher than: 141 of 212 countries To illustrate, this visual from StatsPanda looks at California's $3.36 trillion GDP using data from The World Bank and compares it to 10 sizable country economies. Maryland's $363.0 billion economy is only slightly smaller than Malaysia's $364.6 billion economy. A majority of Connecticuts GDP comes from private industries: manufacturing, wholesale trade, and real estate and rental leasing among the major contributors. - 2018 state GDP: $565.8 billion Washington is one of three states, along with Massachusetts and North Carolina, that has an economic output most similar to that of Norway. - GDP higher than: 161 of 212 countries - GDP higher than: 169 of 212 countries Montana GDP: $44.4 billion Country w/ similar GDP: Lebanon ($43.2 billion) Mont. Thanks to the booming tech industry in Huntsville and surrounding areas, Alabamas GDP received a boost of $22 billion. The sixth largest producer of crude oil and fourth largest producer of natural gas, Oklahoma's $190.9 billion economy is heavily dependent on energy production. By GDP 5-years average growth and GDP per capita, the United States and Russia ranked 113th vs 162nd and 11th vs 68th, respectively. So, based on GDP, California has a larger economy than Canada. population: 961,939 (Croatia: 4.1 million) Del. Michigan GDP: $458.8 billion Country w/ similar GDP: Argentina ($460.3 billion) Mich. population: 10.0 million (Argentina: 44.3 million) Mich. GDP per capita: $46,055 (Argentina: $10,397). - GDP higher than: 203 of 212 countries It closely matches the GDP of Australia. Kentucky generated $184.7 billion in economic output in 2017, closely in line with New Zealand's $181.5 billion GDP. Yes, Idahos economy is boosted by potatoes, but just as important is milk. - GDP equal to: Algeria ($173.8 billion) plus Sierra Leone ($4.1 billion). The largest exporter of cocoa beans in the world, Ivory Coast has a relatively well-developed economy and is wealthier than most countries in the region. Arkansas GDP: $114.0 billion Country w/ similar GDP: Morocco ($119.3 billion) Ark. - GDP higher than: 135 of 212 countries California represents 6.9% of the overall United States GDP. - GDP higher than: 192 of 212 countries - GDP higher than: 172 of 212 countries Over the last five years, Utah's GDP grew by an excellent 19.1%, the. Germany: Germany has the fourth largest economy in the world, with a GDP of $4.32 trillion in 2020. Vermont's economy is far more developed, generating the same output as Latvia with about a third of the population. The cyberattack on the University of California Los Angeles Health system, disclosed in May 2015 and detected in late 2014, exposed sensitive data on around 4.5 million current and former patients . - 2018 state GDP: $233.9 billion Only seven states on this list have a lower GDP per capita than their corresponding country. 09 Sep 2022 13:03:29 GDP per capita: $42,276 (Lebanon: $7,103). That puts Alabamas GDP above the total for Greece, which is slowly rebounding from high rates of unemployment, thanks to increased GDP from mining. Today, Norway is the seventh largest oil exporter in the world. As a result, the per capita GDP of Saudi Arabia is significantly smaller than Pennsylvania's. So, at present, the United States has a significantly larger economy than India. Japan: Japan has the third largest economy in the world, with a GDP of $5.34 trillion in 2020. Although Dorothy landed in Oz and not Hungary, her home state surpasses the Central European nation known for machinery, construction materials, and processed foods. How GDP of US States Compares to Countries Around the World Some have highly advanced innovation-driven economies, while others are dependent on resource extraction or agriculture. A common debate at the bar and on the internet regularly centers on how one state could stand on its own independently. - 2018 state GDP: $189.7 billion According to data from the United States Census Bureau, the state's population has been increasing steadily since at least 2010. Rouble Sinks to Over 15-Month Low Vs Dollar on Political Risk Concerns The above infographic puts crude oils market size into perspective by comparing it to the 10 largest metal markets combined. US State GDPs Compared to Entire Countries | Mark J. Perry The majority of U.S. states are smaller in both population and landmass than the country with the closest GDP. 24/7 Wall St. identified the country with the GDP that most closely matches the size of the economy of each state. California Economy: 16 Mind-Blowing Facts - Markets Insider 1. Washington apple producers are hoping for even more gains with the creation of the Cosmic Crisp apple. The five largest economies in the world, based on gross domestic product (GDP) are: California is the fifth largest economy in the world. 1 spot. Tobacco, the auto industry, and aircraft industry make up some staples of Ohios GDP figures. Squash, vanilla beans, and yams are plentiful in Tonga. GDP per capita: $59,983 (Malaysia: $11,528). - 2018 state GDP: $64.9 billion U.S. national defense spending is the heart and soul of Guams economy. - GDP higher than: 148 of 212 countries The unemployment rate in Portugal is estimated at 7.3%, well above Connecticut's 2018 jobless rate of 4.1%. On today's episode. Yes, lobsters are a main part of Maines economy, but so are circuits and Atlantic salmon. Maine's economy generated $55.6 billion in 2017, roughly the same as Azerbaijan, a country with a population more than seven times that of the northern New England state. New Mexicos GDP is becoming heavily influenced by the tech industry. Nearly 16% of the state's labor force is employed in the professional, scientific, and management sector, the largest share of any state. 24/7 Wall St. matched each state to the country with the most similar GDP. Qatar, an oil-rich Middle Eastern nation is one of the wealthiest countries in the world, with a GDP per capita of $65,694. Despite a larger population, Hungary and Kansas have similarly sized economies, at $153.1 billion and $148.5 billion, respectively. The countries on this list which span six continents are in varying stages of development. By GDP, however, the two are more closely matched. The Netherlands is one of the largest economies in the European Union. Its economy is also larger than that of many countries due to its large population and high per-capita income. Fun facts: three U.S. states have larger economies than Russia: California ($3.1 trillion), Texas ($1.78 trillion) and New York ($1.7 trillion). The country is pulling out of a major economic contraction that started in 2009. In Mauritania, the economy is focused on agriculture and raising livestock. population: 1.1 million (Lebanon: 6.1 million) Mont. Oil has pumped billions into North Dakotas GDP numbers over the past decade. So it's worth looking at the EU's combined economic strength: about $15.28 trillion. Russia vs the United States Economies: 61 Stats Compared - Georank.org Manufacturing, and finance and insurance are two pillars of Illinois GDP. Stacker believes in making the worlds data more accessible through Iowa is in the rare situation of low unemployment and not enough wage growth. HowMuch.net produced this map based on economics Professor Mark J. Perry's analysis comparing the GDP's of US states to entire countries.. Country comparison Russia vs United States 2023 That oil may go to fueling the aircrafts that regularly fly into Macau, which is a destination for gambling. - GDP equal to: Colombia ($331billion) plus Mauritania ($5.2 billion). No, California Is Not the World's Fourth Largest Economy Wyoming has a $38.7 billion economy, nearly the same size as the economy of Cote d'Ivoire, or the Ivory Coast, a nation in West Africa. - GDP higher than: 152 of 212 countries - GDP equal to: Ethiopia ($84.4 billion) plus Tuvalu ($42.6 million). Here's where to find them. 2023 International Container Shipping Rates & Costs, Top 25 International Moving Companies Online, 11 Best International Money Transfer Services In 2023, International Moving Costs: 9 Things You Cant Ignore, Freight Forwarder & NVOCC International Cost & Companies Guide, International Moving Quotes: 12 Questions To Ask Your Mover, Top 10 International Container Shipping Companies, Top 13 International Removals Companies In The UK. However, it is worth noting that California is the fifth largest economy in the world, with a gross domestic product (GDP) of $3.13 trillion in 2020. GDP per capita: $66,419 (Croatia: $15,322). Delaware is often the butt of a joke as one of the smaller American states"The Simpsons"once mocked that one of their main industries is screen door factories. While the oil market towers over metal markets, its important to recognize that this doesnt downplay the importance of these commodities.