California’s gross domestic product (GDP) was around 3.09 trillion dollars in 2020, making it the state that contributed the most to the country’s GDP that year. Vermont, on the other hand, had the lowest GDP in the country, with 32.8 billion dollars.
Which state has the smallest gross domestic product?
This is a list of states and territories in the United States ranked by gross domestic product (GDP). The nominal GDP of the 50 United States and the District of Columbia is presented in this article at current prices. For the US territories, there is a separate table.
The Bureau of Economic Analysis (BEA) in 2020 is the data source for the list. “The sum of value added from all industries in the state,” according to the BEA.
Nominal GDP does not account for differences in the cost of living between countries, and the findings might vary dramatically from year to year due to movements in the country’s currency exchange rate. Such variations can affect a country’s ranking from one year to the next, even if they have little or no impact on the population’s level of life.
The United States’ current-dollar GDP totalled $22.06 trillion in the first quarter of 2021, compared to $21.56 trillion in the first quarter of 2020. The United States’ territories are not included in these figures.
California ($3.09 trillion), Texas ($1.76 trillion), and New York ($1.70 trillion) were the three states with the largest GDPs in the United States. Vermont ($32.8 billion), Wyoming ($36.2 billion), and Alaska ($50.2 billion) were the three states with the lowest GDPs in the United States.
In 2020, GDP per capita varied greatly across the United States, with New York ($87,866), Massachusetts ($84,722), and Washington ($80,418) recording the three highest GDP per capita figures in the country, and Mississippi ($38,493), West Virginia ($41,299), and Arkansas ($42,591) recording the three lowest. The District of Columbia, on the other hand, had a GDP per capita of $201,360 in 2020, significantly higher than any other US state.
Who has the lowest gross domestic product?
In 2020, the 20 countries with the lowest GDP per capita will be revealed. Burundi had the lowest per-capita GDP in the world in 2020, followed by South Sudan and Somalia. Because of their underdeveloped infrastructure and low living standards, all three countries face economic difficulties.
What state in the US has the highest GDP?
In the third quarter of 2020, real GDP increased in all 50 states and the District of Columbia. According to the Bureau of Economic Analysis, the United States’ overall real GDP expanded at a rate of 33.4 percent each year. The annual growth rate of real GDP in each state ranged from 19.2 percent in D.C. to 52.2 percent in Nevada. In the second quarter of 2020, real GDP decreased significantly in all 50 states and D.C., ranging from -20.4 percent in D.C. to -42.2 percent in Hawaii and Nevada.
The considerable increases in GDP from Q2 to Q3 indicate ongoing attempts to reopen enterprises and resume economic activity that had been halted due to the COVID-19 outbreak. Healthcare and social assistance, durable goods manufacturing, and lodging and food services were the biggest contributors to the increase in real GDP at the national level. Healthcare and social aid grew at a rate of 75.1 percent nationwide, and was the largest contributor in 26 states.
California ($3,120,386), Texas ($1,772,132), New York ($1,705,127), Florida ($1,111,614), Illinois ($875,671), Pennsylvania ($788,500), Ohio ($683,460), Washington ($632,013), Georgia ($627,667), and New Jersey ($625,659) are the ten states with the highest GDPs (in millions of dollars). California, Texas, New York, and Florida are the four states that contribute more than $1 trillion to the US GDP. With a GDP of $3,120,386,000,000, California has the highest GDP of any state, accounting for nearly 14.7 percent of the country’s overall GDP. With $1,772,132,000,000 in GDP, Texas is in second place, accounting for 8.4% of the country’s total.
Who has the highest and lowest gross domestic product?
What are the world’s largest economies? According to the International Monetary Fund, the following countries have the greatest nominal GDP in the world:
Which state has the finest economy?
Utah’s economy has been a powerhouse in recent decades, which is why it is ranked first. Utah’s GDP increased by 19.1% in the last five years, the second-highest growth rate among the 50 states during that time period. From roughly $123.47 billion in 2010 to a yearly average of $168.62 billion in 2020 (with 2020 including the pandemic’s most severe impact), Utah’s real GDP increased by more than a third (36.6 percent). Utah’s economy has grown by 82 percent in the last 20 years, from $92.62 billion in annual real GDP in 2000 to over $169 billion in 2020.
In 2021, which country will have the lowest GDP?
According to IMF forecasts for 2021, Luxembourg has the greatest Gross Domestic Product (GDP) per capita at $131,781.72, while Burundi has the lowest at $265.18.
Which country is the poorest in the world?
Burundi, a small landlocked country ravaged by Hutu-Tutsi ethnic conflict and civil violence, has the terrible distinction of being the poorest country on the planet. Food scarcity is a serious concern, with almost 90 percent of its approximately 12 million residents reliant on subsistence agriculture (with the overwhelming majority of them surviving on $1.25 a day or less), and food insecurity is about twice as high as the norm for Sub-Saharan African countries. Furthermore, access to water and sanitation is still limited, and only about 5% of the population has access to electricity. Needless to say, the epidemic has worsened all of these issues.
How did things get to this point, despite the fact that the civil war officially ended 15 years ago? Infrastructure deficiencies, widespread corruption, and security concerns are all common causes of extreme poverty. In 2005, Pierre Nkurunziza, a charismatic former Hutu rebel who became president, was able to unite the country behind him and begin the process of reconstructing the economy. However, in 2015, his announcement that he would run for a third termwhich the opposition claimed was illegal under the constitutionreignited old feuds. Hundreds of people were killed in fighting, and tens of thousands were internally or externally displaced as a result of the failed coup attempt.
Nkurunziza died in the summer of 2020, at the age of 55, from cardiac arrest, while it is widely assumed that Covid-19 was the true reason. Days later, Evariste Ndayishimiye, an ex-general designated by Nkurunziza to succeed him when his term expired, was sworn in. His track record has been mixed so far. While he, like his predecessor, minimized the virus’s severity, and claims of human rights violations continue to emerge from the country, he made an effort to relaunch the economy and mend diplomatic relations with his African neighbors, particularly the West. His efforts were rewarded: the United States and the European Union recently withdrew financial restrictions imposed in the aftermath of the 2015 political turmoil, resuming aid to Burundi. Could this be a watershed moment for the world’s poorest country?
Which country is the most powerful in the world?
In the 2021 Best Countries Report, Canada wins the top overall rank as the world’s number one country for the first time. After coming in second place in the 2020 report, Canada has now eclipsed Switzerland in the 2021 report, with Japan, Germany, Switzerland, and Australia following closely behind.
Which state’s economy is expanding the fastest?
Utah and Florida are the two states with the biggest economic growth this year, according to these metrics. Between January and May, employment in both states increased by 1.5 percent, and unemployment rates are lower than the national average (at 2.7 percent and 5.0 percent , respectively). At a time when housing is in short supply across much of the country, new residential construction is thriving in these states, with average monthly building permits per 100,000 population of 107 and 79, respectively, greatly exceeding the national rate of 43.
Is the UK economy larger than that of Russia?
While the United States has the greatest economy in the world, with a GDP of $21 trillion, Russia’s nominal GDP is $1.48 trillion. 1 Russia lags behind considerably smaller countries like the United Kingdom, Italy, and France in terms of GDP.