The Netherlands is one of the largest economies in the European Union. Home to 1.4 million people, Hawaii's economy generated $79.5 billion in 2017, nearly the same as the GDP of Myanmar, a country with a population over 37 times that of Hawaii. - 2018 state GDP: $77.4 billion The US state of California is projected to pass Germany to register the world's 4th-biggest economy. 24/7 Wall St. identified the country with the GDP that most closely matches the size of the economy of each state. The per-capita GDP growth plus the population growth are approximatly equal to the GDP growth California shown above. Amazingly, it . Croatia creates fabricated metals and machine tools, while Guyana has seen a boost in gold production, which has compensated for declining sugar production. 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. While economists, politicians, and stockbrokers fret over each decimal point of movement in an areas gross domestic product (GDP), sometimes its good to keep a frame of reference in mind. Another way to measure wealth is by gross national income (GNI) per capita, which is the total value of all goods and services produced by a country in a given year, divided by the population of the country. - GDP equal to: Algeria ($173.8 billion) plus Sierra Leone ($4.1 billion). - 2018 state GDP: $178.1 billion California's gross domestic product (GDP)the value of goods and services produced heretotaled $2.2 trillion in 2013. population: 1.9 million (Slovak Republic: 5.4 million) Neb. Vegan fast food: Meat-free fast-food options are growing. - GDP equal to: Pakistan ($314.6 billion) plus Sierra Leone ($4.1 billion). - GDP higher than: 191 of 212 countries So, based on GDP, California has a larger economy than Russia. America's largest state economy is California, which produced nearly $3 trillion of economic output in 2018, more than the United Kingdom's GDP last year of $2.8 trillion. 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. The oil market is bigger than the 10 largest metal markets combined, with production value exceeding $2 trillion annually. Slovenia still has one of the highest per capita GDPs in central Europe, while American Samoa has seen slight economic growth thanks to fixed private investment and export of goods. Alabama GDP: $192.7 billion Country w/ similar GDP: Kazakhstan ($196.0 billion) Ala. population: 4.9 million (Kazakhstan: 18.0 million) Ala. GDP per capita: $39,523 (Kazakhstan: $10,868). 1. That oil may go to fueling the aircrafts that regularly fly into Macau, which is a destination for gambling. - GDP higher than: 189 of 212 countries - 2018 state GDP: $124billion From an economic sense, this might carry some truth. Shows like The Walking Dead have made the Peach State home, helping boost its GDP past tiny Liechtenstein, and Poland, which has the sixth largest economy in the European Union. California barely edges out the entire GDP of the U.K., whose economy is struggling because of the Brexit mess. How GDP of US States Compares to Countries Around the World Visualised: Latin Americas Unbanked Population, Mapped: The State of Economic Freedom in 2023. It is worth noting that 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. Meanwhile, precious metals like gold and silver serve as important stores of value. - GDP higher than: 159 of 212 countries - GDP higher than: 174 of 212 countries Wyoming GDP: $38.7 billion Country w/ similar GDP: Cote d'Ivoire ($39.5 billion) Wyo. Oregon GDP: $207.7 billion Country w/ similar GDP: Iraq ($208.6 billion) Ore. population: 4.1 million (Iraq: 38.3 million) Ore. GDP per capita: $50,138 (Iraq: $5,450). - 2018 state GDP: $221.7 billion Iowa is in the rare situation of low unemployment and not enough wage growth. 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). Haiti, which once specialized in sugar, is seeing its economy drastically decline. Costa Rica sends out tons of precision instruments and prepared foods. - GDP equal to: Singapore ($364.2 billion) plus Eritrea ($2.6 billion). Can You Calculate Your Daily Carbon Footprint? The fifth largest economy in the world, based on gross domestic product (GDP), is India. In 2022, the real gross domestic product (GDP) of California was 2.89 trillion U.S. dollars. - GDP higher than: 191 of 212 countries Note that California has more than twice the GDP of Russia. Wyoming's economy is also largely resource based. - GDP higher than: 202 of 212 countries Rhode Island's $53.5 billion GDP is about the same as the GDP of Slovenia, a country with nearly twice as many people. - 2018 state GDP: $275.7 billion However, there are many factors that can influence economic growth and development, and it is difficult to predict how these factors will evolve over time. 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. In Ecuadors economy, wood products and seafood are bountiful. Finance, insurance, real estate, rental, and leasing are some key reasons for Arizonas robust GDP, which surpasses Colombia, a country that is being aided by investment and tax reforms, but is still plagued by high inequality. - GDP equal to: Sweden ($556.1 billion) plus Haiti ($9.7 billion). 13 Russia ($1.53 trillion) and No. Note: This analysis focuses on raw and physical materials, excluding derivative markets and alloy materials like steel. - 2018 state GDP: $33.3 billion Idaho had a $67.0 billion GDP in 2017, in line with the GDP of Uzbekistan, a country with nearly 19 times more people than Idaho's population of 1.7 million. Lets take a closer look. One of the nation's leading coal producers, West Virginia's economy is heavily based on resource extraction. The Indian government has implemented a number of policies and programs aimed at reducing poverty and promoting economic development, but addressing poverty remains a major challenge for the country. Germany: Germany has the fourth largest economy in the world, with a GDP of $4.32 trillion in 2020. - GDP higher than: 189 of 212 countries Over half of its $31.2 billion in exports in 2017 were either crude petroleum, petroleum gas, or refined petroleum. - GDP higher than: 172 of 212 countries - GDP higher than: 141 of 212 countries Russia's Minuscule Economy: The Mouse That Roars - IPI "The future always looks good in a golden land," one of California's most clear-eyed . Per capita GDP by state came from the BEA and is also for 2017. Visualizing Annual Working Hours in OECD Countries, The Worlds Biggest Mutual Fund and ETF Providers. In contrast, gases, oils, and fertilizers make up a strong portion of Qatars GDP. Less stable is Libyas economy, which suffers from political insecurity, power outages, and a booming black market. Croatia is home to four times as many people as Delaware and its landmass is nearly nine times the size of the state. New Mexico GDP: $91.0 billion Country w/ similar GDP: Ecuador ($87.4 billion) N.M. population: 2.1 million (Ecuador: 16.6 million) N.M. GDP per capita: $43,566 (Ecuador: $5,256). It's also a good example of how GDP can be deceptive. As the world shifts towards a more sustainable future and away from fossil fuels, itll be interesting to see how the markets for oil and other commodities evolve. Construction, real estate and rental and leasing, and health care and social assistance are a few industries that make Floridas GDP so robust. The country is pulling out of a major economic contraction that started in 2009. A bustling medical industry and retail giants like Target are the backbone of Minnesotas GDP. Although Dorothy landed in Oz and not Hungary, her home state surpasses the Central European nation known for machinery, construction materials, and processed foods. - GDP equal to: Canada ($1.7 trillion) plus Sri Lanka ($88.9 billion). Iowa GDP: $169.2 billion Country w/ similar GDP: Qatar ($173.4 billion) Iowa population: 3.1 million (Qatar: 2.6 million) Iowa GDP per capita: $53,798 (Qatar: $65,694). In Tuvalu, fishing and coconut meat are two notable parts of its small economy. - GDP equal to: Costa Rica ($60.1 billion) plus Tonga ($0.5 billion). Does Texas or Russia have the larger GDP? Here's how US states compare Kentucky has a diverse economy, notable for whiskies, horse breeding, and a relatively new industry of antisera. Japan: Japan has the third largest economy in the world, with a GDP of $5.34 trillion in 2020. It is difficult to predict with certainty whether India will overtake the United States as the world's largest economy in the future. Mining, quarrying, and oil and gas extraction, plus transportation and warehousing are two key contributors to Alaskas GDP. - GDP equal to: Libya ($48.4 billion) plus St. Lucia ($1.9 billion). - Quora. California's massive economy is bolstered by its nearly 40 million residents and a diverse range of industries, from agriculture to technology. As 2020 opens, uncertainty in trade, uncertainty in politics, and unstable business relations with countries like China and Russia weigh on economies at home and abroad. Besides being the primary energy source for transportation, oil is a key raw material for numerous other industries like plastics, fertilizers, cosmetics, and medicine. Nearly half of the country's $70.1 billion in exports in were copper, copper ore, and refined copper. 12). In comparison, Canada has a GDP of $1.74 trillion. Florida GDP: $883.1 billion Country w/ similar GDP: Netherlands ($918.3 billion) Fla. population: 21.0 million (Netherlands: 17.1 million) Fla. GDP per capita: $42,085 (Netherlands: $53,598). - 2018 state GDP: $783.2 billion 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. Colorado is projected to have slower growth in its economy, but low unemployment rates have brightened its financial forecast. Alaska's economy depends heavily on its energy sector. Morocco's top exports include fertilizers, insulated wires, and cars. Russia vs the United States Economies: 61 Stats Compared - Georank.org Russia may punch below its weight economically, but it has a large. India is a rapidly growing economy with a large and diverse population, and is a major player in industries such as technology, manufacturing, and services. - 2018 state GDP: $364.1 billion - 2018 state GDP: $412.6 billion Sierra Leone is almost exclusively reliant on mining. Ores, precious stones, and metals are important to South Africas GDP. Hungary is home to 9.8 million people, more than triple the population of Kansas. - GDP equal to: Ecuador ($108.4 billion) plus Liechtenstein ($6.2 billion). - GDP higher than: 141 of 212 countries Tennessee is 154 times larger than the island nation of Singapore and is home to 1.1 million more people. Tennessee GDP: $315.1 billion Country w/ similar GDP: Singapore ($310.0 billion) Tenn. population: 6.7 million (Singapore: 5.6 million) Tenn. GDP per capita: $46,925 (Singapore: $55,236). Meanwhile, Ecuador's economy depends heavily on petroleum exports and suffered in recent years from falling oil prices. - 2018 state GDP: $202.6 billion Comparing each state's GDP to countries around the world - GDP equal to: Cameroon ($38.7 billion) plus Sao Tome and Principe ($0.4 billion). As a result, the global physical oil market is astronomical in size and has a significant economic and geopolitical influence, with a few countries dominating global oil production. Vanuatu has more basic industries for income, including food and fish freezing, and meat canning. Chart: Automakers Adoption of Fuel-Saving Technologies. The two also have similar population sizes 10.4 million in Georgia compared to 11.4 million in Belgium. New Zealands top exports are more basicdairy, meat, and woodand Curacao banks on factors like tourism and offshore finance. Nearly three-quarters of Iran's 2017 exports, worth roughly $54 billion, are in petroleum. Its content is produced independently of USA TODAY. While India has made significant economic progress in recent decades and has a rapidly growing economy, it is also home to a large number of people who live in poverty. Let's take a closer look. Visualizing the Flow of Energy-Related CO2 Emissions in the U.S. 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). More than 15% of Ohio workers are employed in the manufacturing sector compared to 10.1% of workers nationwide. New Zealand's economy is driven largely by agriculture, tourism, and manufacturing. California's economy is diverse, with significant contributions from industries such as technology, entertainment, agriculture, and manufacturing. - GDP higher than: 182 of 212 countries Today, instead of over half of Russia's GDP gone, Russia's economy shrank 2.1% in 2022 and is set to grow by 0.7% this year. Despite a larger population, Hungary and Kansas have similarly sized economies, at $153.1 billion and $148.5 billion, respectively. - GDP equal to: Poland ($585.7 billion) plus Sri Lanka ($88.9 billion). Yes, lobsters are a main part of Maines economy, but so are circuits and Atlantic salmon. Source: Bloomberg. So, at present, the United States has a significantly larger economy than India. In Sri Lanka, government debt accounts for about 79% of its GDP. For more context, Russia's economy is larger than Florida's, but it can't match New York's, let alone Texas or California. - GDP equal to: Zimbabwe ($31billion) plus Central African Republic ($2.2 billion). Per capita GDP by country was calculated by the World Bank and is current as of 2017. In that time the population in California grew by 88,650 (0.23%) people. Even individual U.S. states have GDPs that rival countries many times their size. California's economy is diverse, with significant contributions from industries such as technology, entertainment, agriculture, and manufacturing. - GDP equal to: Netherlands ($913.7 billion) plus Morocco ($117.9 billion). - GDP equal to: Hong Kong SAR, China ($362.7 billion) plus Solomon Islands ($1.4 billion). 24/7 Wall St. matched each state to the country with the most similar GDP. - GDP equal to: Romania ($239.6 billion) plus Marshall Islands ($0.2 billion). A former Soviet republic, Kazakhstan's economy is heavily dependent on agriculture and extraction of oil and minerals, including copper and zinc. Louisiana GDP: $226.6 billion Country w/ similar GDP: Romania ($216.3 billion) La. About half of the country's exports are petroleum. Five charts show how Russia isn't so strong, but Ukraine is even weaker storytelling. In its third decade of existence, North Macedonia is finally seeing notable economic growth. New Mexicos GDP is becoming heavily influenced by the tech industry. A majority of Connecticuts GDP comes from private industries: manufacturing, wholesale trade, and real estate and rental leasing among the major contributors. GDP per capita: $42,276 (Lebanon: $7,103). Kansas GDP: $148.5 billion Country w/ similar GDP: Hungary ($153.1 billion) Kan. population: 2.9 million (Hungary: 9.8 million) Kan. GDP per capita: $50,970 (Hungary: $15,648). That puts annual crude oil production at around 29.5 billion barrels, with the market size exceeding $2 trillion at current prices. Who has a larger GDP: California or Russia? - Quora Relative population is a big factor, as the state is the most populous in the U.S. with roughly 12% of the countrys population calling it home. - GDP equal to: Poland ($585.7 billion) plus Latvia ($34.4 billion). Largely through its chemical, petroleum refining, and highly mechanized agriculture sectors, the country bordered by Belgium, Germany, and the North Sea regularly maintains a trade surplus, exporting more than it is importing. Bryan William Jones on Twitter: "How big is Russia's economy? Fun facts - GDP higher than: 156 of 212 countries Compared to U.S. states, South Carolina has a relatively low GDP per capita at just under $40,000, but it is well beyond that of Algeria. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. 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 . - 2018 state GDP: $675.9 billion - GDP higher than: 141 of 212 countries - 2018 state GDP: $128.4 billion - GDP higher than: 192 of 212 countries More than three-quarters of Saudi Arabia's exports are oil-related either in crude, refined, or gas form. - 2018 state GDP: $168.3 billion - 2018 state GDP: $336.3 billion California's economy is diverse, with significant contributions from industries such as technology, entertainment, agriculture, and manufacturing. However, the mass presence of fossil fuels in the states economic process has drawn criticism from some circles. 24/7 Wall Street is a USA TODAY content partner offering financial news and commentary. Three Cs: Cigarettes, coal, and copper are crucial to Montanas economic stability. Maine GDP: $55.6 billion Country w/ similar GDP: Azerbaijan ($57.3 billion) Maine population: 1.3 million (Azerbaijan: 9.9 million) Maine GDP per capita: $41,619 (Azerbaijan: $5,805). Our smallest state is a giant in the recycling industry. In Wisconsin, its cheese. Consumption of Fuel and Materials per Capita, The Periodic Table of Commodity Returns (2013-2022), Ranked: The 20 Most Air-Polluted Cities on Earth, Mapped: Air Pollution Levels Around the World in 2022. One of the "tiger" economies of Asia, Singapore underwent an economic boom in the 1980s and 1990s. population: 1.1 million (Lebanon: 6.1 million) Mont. Singapore's economy is highly developed and relies heavily on exports of computer components. - 2018 state GDP: $60.6 billion The Bayou State is big on manufacturing, and professional, scientific, and technical services (beignets and gumbo, while delicious, probably only amount to a small amount of the states economy). - GDP equal to: New Zealand ($204.9 billion) plus Curacao ($3.1 billion). population: 579,315 (Cte d'Ivoire: 24.3 million) Wyo. Latvia, a former Soviet republic in northeastern Europe, transitioned to a free market economy in the 1990s. - 2018 state GDP: $39.1 billion by Jared Gans - 06/23/23 10:19 PM ET. West Virginias GDP owes a lot to income from mining and plastics. Over the last five years, Utah's GDP grew by an excellent 19.1%, the. 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. - GDP equal to: Macao SAR, China ($55.1 billion) plus Vanuatu ($0.9 billion). California's Gross State Product (GSP) in 2015 was $2.589 trillion according to the United States Bureau of Economic Analysis (BEA). Tech industries have certainlyboosted the Golden States economyThe Guardian recently noted how Silicon Valley alone would be one of the worlds richest countries. Europe inflation slips to 5.5% but that won't stop central - SFGATE Aluminum is one of Cameroons main industries, while Sao Tome and Principe is known for its cocoa bean industry. - 2018 state GDP: $54.7 billion - GDP equal to: Myanmar ($71.2 billion) plus Bermuda ($5.6 billion). 1 spot. In reality, Delaware produces an abundance of clams, crabs, soybeans, milk, paper, rubber, metals, and sand and gravel. 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. The Garden State has a rich mix of chemicals, gambling, agriculture, and even perfumes that contribute toward its GDP. In 2022, the world produced an average of 80.75 million barrels of oil per day (including condensates). Wisconsin GDP: $292.3 billion Country w/ similar GDP: Israel ($297.4 billion) Wis. population: 5.8 million (Israel: 8.7 million) Wis. GDP per capita: $50,431 (Israel: $34,135). Minnesota is one of the larger states by landmass, while Singapore is a small island city-state less than one-three-hundredth the state's size. GDP by State | U.S. Bureau of Economic Analysis (BEA) North Dakota's economy is roughly the size of the entire African nation of Ghana. population: 961,939 (Croatia: 4.1 million) Del. The presence of Chinese firms have long boosted Hong Kongs GDP, but the current unrest there makes the future of the economy uncertain.
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