The Strategist

GDP of California is larger than that of France


06/20/2016 - 18:01



The US economy is impressive. To understand scale of the country’s GDP, which in 2015 amounted to $ 18 trillion, experts at Zerohedge compared economies of individual states with economies of entire nations. Here are some interesting facts.



Ken Lund via flickr
Ken Lund via flickr
1. California has the largest state GDP in the US. It was $ 2.44 trillion in 2015, which is slightly larger than GDP of France during the same period ($ 2.42 trillion). Note that the workforce in California reaches 19 million, and there are a little more than 25 million workers in France.

Surprisingly, it took France 56% (or 9 million) laborers more to achieve the same output as in California. Experts believe that this is proof of higher productivity of American workers.

Furthermore, if California were a separate country, it would be the sixth largest economy in the world last year, ahead of France ($ 2.42 trillion) and India ($ 2.09 trillion). In fact, it would be only a little behind the UK, which is ranked fifth ($ 2.85 trillion).

2. Texas is the second largest state. Its GDP was $ 1.64 trillion in 2015. If it were a separate country, it would occupy 10th place in the world by the GDP’s size, right after Brazil (GDP of $ 1.77 trillion).

Despite the fact that Brazil's GDP was higher than that of Texas in 2015, the labor force in Brazil is about 91 million workers. Meanwhile, number of employees in Texas, according to payrolls, is about 12 million people. 

Thus, in order to produce a slightly higher GDP last year, Brazil had to use nearly 80 million workers more than Texas did. 

3. Even with all the country’s wealth, Saudi Arabia's GDP in 2015 was $ 653 billion. This is less than GDP of states like Pennsylvania ($ 680 billion) and Illinois ($ 768 billion).

4. The third largest state GDP belongs to New York. Its GDP was $ 1.45 trillion in 2015, which is almost equal to the GDP of Canada in the last year ($ 1.55 trillion).

If the state was a separate country, its GDP would occupy 11th place in the world, ahead of South Korea ($ 1.38 trillion) and Russia ($ 1.32 trillion).

The Canadian GDP is 7% more than New York’s. However, the country hosts almost twice as much workers (about 18 million) as New York City does (9.2 million).

5. Here is the other comparison: Florida’s GDP ($ 888 billion) in 2015 was almost equal to the GDP of Indonesia ($ 858 billion). The state’s workforce of 9.3 million people is equal to only 8% of the workforce in Indonesia (115 million workers).

6. The GDP of Illinois was $ 768 billion last year, which is slightly higher than the GDP of the Netherlands ($ 738 billion). Number of employees in Illinois is 6.2 million people, which is 25% less than number of laborers in the Netherlands (8.34 million people).

In general, the US accounted for 24.5% of global GDP, despite the fact that its population is only 4.5% of the total world population.

source: zerohedge.com




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