A map released by AEI-Ideas, consisting of U.S. states and correlating countries gives insight on just how much wealth America packs.
The map was created by pairing economic output in the U.S. in 2012 to foreign countries with comparable gross domestic products, using Beta data and Wikipedia for GDP by country. The states were matched with the country closest in economic size since 2012.
America’s total GDP of $16.2 trillion in 2012 is represented in the map by an astounding compilation of countries, also noting that the U.S. produced 22.3% of world GDP in 2012, while only making up 4.4% of the world’s population.
MP: Overall, the US produced 22.3% of world GDP in 2012, with only 4.4% of the world’s population. Three of America’s states (California, Texas and New York) – as separate countries – would rank in the world’s top 15 largest economies. And one of those states – California – produced more than $2 trillion in economic output in 2012 – and the other two (Texas and New York) produced more than $1 trillion of GDP in 2012. The map and these statistics help remind us of the enormity of the economic powerhouse we live in. So let’s not lose sight of how ridiculously large and powerful the US economy is, and how much wealth and prosperity is being created all the time in the world’s largest economic engine.
According to AEI-Ideas:
1. America’s largest state economy is California, which produced $2.003 trillion of economic output in 2012, just slightly below Italy’s GDP in the same year of $2.013 trillion. In 2012, California would have been tied with Italy as the 9th largest economy in the world. And California’s population is only 38 million compared to Italy’s population of 61 million, which means California produces the same economic output as Italy with 37% fewer people. That’s a testament to the superior, world-class productivity of the American worker.
2. America’s second largest state economy – Texas –produced $1.4 trillion of economic output in 2012, placing it just slightly behind the world’s 13th largest country by GDP – Australia – with $1.56 trillion of economic output.
3. Even with all of its oil wealth, Saudi Arabia’s GDP in 2012 at $711 billion was less than GDP in Florida ($777 billion) and just slightly more than the GDP in Illinois ($695 billion).
4. New York’s GDP in 2012 of $1.205 trillion was slightly more than Mexico’s GDP of $1.18 trillion, even though Mexico’s population of 120.8 million people is 6.2 times larger than the number of people living in New York (19.6 million). Another example of the world-class productivity of the American workforce.
5. Washington state produces almost as much economic output ($375.7 billion) as Venezuela ($382 billion), even though Venezuela’s population (30 million) is more than four times larger than Washington’s (6.9 million).
6. Likewise, capitalist West Virginia produces about the same GDP as communist Cuba, even though Cuba’s population is more than six times larger than West Virginia’s.
Ohio is up there with Sweden? Hey Matts, where are you?
What is the implications of owing as a country, just over one year's GDP?