EU and US GDP by State, Second Quarter 2020

Oct 16, 2020
Gross Domestic Product in EU and US States

The chart above shows the annualized nominal gross domestic product (GDP) in each EU and US state as of the second quarter of 2020 in millions of US dollars, the change from the previous quarter, and the GDP one year prior.  Every single state had a decrease in GDP over the previous quarter and over the previous year.

Findings

  • The difference between the state with the largest GDP, Germany, and the state with the smallest, Malta, is $3,429,955.32 million (down from $3,765,416.60 million last quarter and down from $3,831,926.78 million last year).  Germany and Malta had the largest and smallest GDP respectively both last quarter and last year.
  • Germany has 266.27 times the GDP that Malta does.  The ratio of largest GDP to smallest GDP was up from 260.52 last quarter and up from 253.08 last year.
  • The median GDP in the 28 EU states is $219,435.92 million (down from $245,157.44 million last quarter and down from $250,077.41 last year) and the mean $564,577.58 million (down from $639,661.77 the previous quarter and down from $657,472.48 last year).
  • The median GDP in the 50 US states is $224,409.30 million (down from $249,396.55 million last quarter and down from $248,283.15 last year) and the mean $385,292.45 million (down from $425,895.70 the previous quarter and down from $421,346.11 last year).
  • The median GDP in the 78 EU and US states is $223,461.26 million (down from $247,523.81 million last quarter and down from $250,077.41 last year) and the mean $449,651.21 million (down from $502,632.24 the previous quarter and down from $506,109.42 last year).
  • Zero states saw a rise of GDP in current dollars from the previous quarter (0 US, 0 EU) while 78 states saw a contraction (50 US, 28 EU).
  • Zero states saw a rise of GDP in current dollars from last year (0 US, 0 EU) while 78 states saw a contraction (50 US, 28 EU).
  • No EU drops in GDP are attributed to currency rate fluctuations.

Caveats

  • Data is from the second quarter of 2019, the first quarter of 2020, and the second quarter of 2020.
  • 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 1.12 for the second quarter of 2019, 1.10 for the first quarter of 2020, and 1.10 for the second quarter of 2020 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, the United Kingdom had the worst performance over the previous quarter with a drop of $478,822.96 million.  Malta had the best performance with a drop of $1,578.72 million.  Year over year, the United Kingdom had the worst performance with a drop of $465,543.94 million while Malta had the best performance with a drop of $2,271.26 million.

In relative terms, Croatia had the worst performance over the previous quarter with a 18.18% drop in GDP while Finland had the best performance with a 4.57% drop in GDP.  Year over year, Spain had the worst performance with a 22.16% drop in GDP while Ireland had the best performance with a 3.37% drop 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 under one-fourth of the economic output of the 78 states at 24.79%.  Adding in France and Italy amounts to just over one-third the economic output of the 78 states at 35.92%.

Arizona (from 31st to 28th largest economy in the EU and US out of 78) and Utah (from 48th to 45th) each overcame three states over the previous quarter.  Greece (from 45th to 48th) and Croatia (from 66th to 69th) were each bested by three states.  Year over year, Arizona (31st to 28th largest GDP), South Carolina (41st to 38th largest GDP), and Utah (from 48th to 45th) each bested three states.  On the flip side, Greece (45th to 48th) and Croatia (66th to 69th) each fell three spots.

Six EU states bested six US states over the quarter and three EU states bested three US states over the year.  Six US states bested three EU states over the quarter and 11 US states bested nine EU states over the year.

Sources

Eurostat.  2020.  "GDP and Main Components."  Accessed October 15, 2020.  https://appsso.eurostat.ec.europa.eu/nui/show.do?query=BOOKMARK_DS-406779_QID_75E42079_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.  2020.  "Foreign Exchange Rates."  Accessed July 16, 2020.  https://www.federalreserve.gov/releases/g5/.

US Bureau of Economic Analysis.  2020.  "GDP by State."  Accessed October 14, 2020.  https://www.bea.gov/data/gdp/gdp-state.