America 2020. GDP: $12.23 trillion. You will find that GDP values are listed as dollar amounts because it is a monetary representation of how much a state either brought in or spent on a quarterly basis. [2][3][4][5][6], Map of U.S. states, the federal district, and Puerto Rico by GDP in billions USD (2019). The GDP values by state for 2019 will be available in 2020, and so on and so forth. Now in its 12 th year, the State of the States report also includes a section comparing annual growth rates for the eight key indicators across the states and territories as well as Australia as a whole. The income approach is the former of the two, and it is defined by calculating how much money everyone in a certain location kept as profits over the course of a year. This page was last edited on 27 December 2020, at 20:41 (UTC). Though it makes sense to refer to states as having a GDP, you might run into situations where the economic performance of a state is referred to as the GSP, which stands for gross state product. Looking at economical performance from one year to the next is important in order to see where the state is thriving and where the state could use additional effort, but it is more informative for the GDP values to reflect shorter periods of time. GDP Growth by State 2020 Gross domestic product (GDP) is the monetary market value of … The chart above shows the per capita annualized nominal gross domestic product (GDP) in each US state as of the first quarter of 2020 in dollars, the change from the previous quarter, and the GDP one year prior. Gross Domestic Product by State, 3rd Quarter 2020 . This is a list of U.S. states, the District of Columbia, and U.S. territories sorted by their gross domestic product (GDP). Real gross domestic product (GDP) decreased in all 50 states and the District of Columbia in the second quarter of 2020, as real GDP for the nation decreased at an annual rate of 31.4 percent, according to statistics released today by the U.S. Bureau of Economic Analysis. quarter of 2020, as real GDP for the nation increased at an annual rate of 33.4 percent, according to That was better than the 32% estimate from a Dow Jones economist survey. GDP helps to provide a snapshot of a country’s economy and can be calculated using expenditures, production, or incomes. VIDEO 2:04 02:04 Final read on GDP … The expenditure method looks at how much money people spent in a given year, compared to how much they made in total. Gross Domestic Product (GDP) by State: Tuesday July 07, 2020 Updated: 7:30 am : Gross Domestic Product (GDP) by State: Friday October 02, 2020 Updated: 7:30 am : Gross Domestic Product (GDP) by State: Wednesday December 23, 2020 Updated: 9:00 am : Gross Domestic Product (GDP) by State: Releases 1 - 5 of 5 All times are US Central Time. Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. Gross domestic product rebounded at a 33.4% annualized rate last quarter, the Commerce Department said in its third estimate of GDP. The gross domestic product of a state is calculated every three months. The U.S. Bureau of Economic Analysis reported real GDP growth rates, measured on a seasonally adjusted annual rate basis, ranged from 52.2% in Nevada to 19.2% in the District of Columbia. GDP Ranked by Country 2020. The GDP value of the United States represents 17.65 percent of the world economy. The gross … Q1 2020 GDP – $215.23 billion The GDP of a state refers to the overall production and distribution of goods in a state. When an economy is emerging from a recession, it is supposed to see a massive snapback recovery in gross domestic product (GDP). Each state and the United States can be selected. These are lists of Indian states and union territories by their nominal gross state domestic product (GSDP).GSDP is the sum of all value added by industries within each state or union territory and serves as a counterpart to the national gross domestic product (GDP). Kentucky has a much worse ranking for GDP per capita by state. Arkansas. Texas has the second-largest economy which constitutes 10 percent of the national economy. The United States Bureau of Economic Analysis (BEA) defines GDP by state as "the sum of value added from all industries in the state. U.S. GDP accelerated at a 33.1% annualized pace in the third quarter, the Commerce Department reported. The year-on-year change in GDP was 33.4%, 648 -tenths of one percent more than the -31.4% recorded in the second quarter of 2020. Seasonally Adjusted Annual Rate Q1 2005 to Q3 2020 (Dec 23) Total Gross Domestic Product for Alabama . Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the third . The United States Bureau of Economic Analysis (BEA) defines GDP by state as "the sum of … Events. Q3 2020: 18,596.521 (+ more) Updated: Dec 22, 2020 ... Real gross domestic product is the inflation adjusted value of the goods and services produced by labor and property located in the United States.For more information see the Guide to the National Income and Product Accounts of the United States (NIPA). The following table presents a listing of Nigeria's 36 states ranked in order of their total GDP in 2010. Increases in All States and the District of Columbia in the Third Quarter . A lot of changes take place on a month-to-month basis, and economies are already very fluctuating variables, so it makes more sense to view trends on a smaller scale than reflecting on GDP values once at the end of every year. Population: 3,014,000. Here are the 10 states with the highest GDP: Gross Domestic Product by State, Fourth Quarter and Annual 2018. Real gross domestic product (GDP) increased in all 50 states and the District of Columbia, in the third quarter of 2020 compared to the previous quarter. [7][6], Map of the U.S. states and the District of Columbia by GDP in million, List of North American subdivisions by GDP. Nigerian States by GDP, 2010. Real gross domestic product (GDP) increased at an annual rate of 33.1 percent in the third quarter of 2020 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. Looking at the GDP by state in 2018 only tells you how each state performed in a given year. Real gross domestic product (GDP) increased in all 50 states and the District of Columbia in the third quarter of 2020, as real GDP for the nation increased at an annual rate of 33.4 percent, according to statistics released today by the U.S. Bureau of Economic Analysis. A sizzling summer rebound got the economy about two-thirds of the way back. The Report. 2020 Q3 for the 50 states and District of Columbia; 2019 for Puerto Rico; 2018 for American Samoa, Guam, and the Northern Mariana Islands; 2017 for the U.S. Virgin Islands, "United States" in this case means the 50 states and District of Columbia (excluding the U.S. territories), List of U.S. states and territories by GDP, Comparison between U.S. states and countries by GDP (nominal), Comparison between U.S. states and countries by GDP (PPP), List of U.S. states and territories by economic growth rate, List of U.S. states and territories by GDP per capita, List of U.S. metropolitan areas by GDP per capita, "Gross Domestic Product by State, 4th Quarter and Annual 2019", "Australia - Oceania :: Guam — The World Factbook - Central Intelligence Agency", "Central America :: Virgin Islands — The World Factbook - Central Intelligence Agency", "Australia - Oceania :: Northern Mariana Islands — The World Factbook - Central Intelligence Agency", "Australia - Oceania :: American Samoa — The World Factbook - Central Intelligence Agency", "Frequently Asked Questions | U.S. Bureau of Economic Analysis (BEA)", List of states and territories of the United States, List of top international rankings by country, Economy of the United States by jursidiction, https://en.wikipedia.org/w/index.php?title=List_of_states_and_territories_of_the_United_States_by_GDP&oldid=998491475, Economy of the United States-related lists, Short description is different from Wikidata, Wikipedia articles in need of updating from August 2018, All Wikipedia articles in need of updating, Pages using Sister project links with default search, Creative Commons Attribution-ShareAlike License, This page was last edited on 5 January 2021, at 16:43. Please update this article to reflect recent events or newly available information. Nebraska and South Dakota were the only states to experience a gain in per capita GDP over the past quarter. Per capita U.S. Real Gross Domestic Product (GDP) by state 2019 Projected GDP of New York-Newark-Jersey City metro area for 2020 "[1] Data for the territories is from Worldbank.org. The expenditure method of determining GDP is the exact opposite way of calculating gross domestic product for a particular state, but the value should still be relatively similar, if not identical. Now comes the hard part. But if you want to see what those GDP values mean in terms of improvement and change, it is helpful to look back at the year before and see how GDP values compare between 2017 and 2018. The state’s 2020 GDP was $215 billion, placing it in the company of Alabama, South Carolina, and Oklahoma. These are two different ways of viewing GDP in a country. The pandemic crashed the American economy into a $2 trillion hole. That is exactly what happened in the third quarter of 2020. California, Texas, Illinois, and Ohio rounded out the top five of states … The Gross Domestic Product (GDP) in the United States was worth 21427.70 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. In the second quarter, real GDP decreased 31.4 percent. Millions of Dollars, Annual, Not Seasonally Adjusted 1997 to 2019 (Oct 2) Since we are looking at the GDP by state in the United States of America, the GDP helps to inform people about how well a state is doing in terms of the state's economy. Gross Domestic Product (GDP), by state 2019 Published by Erin Duffin, Apr 23, 2020 The gross domestic product (GDP) of California was about 3.14 … This enables another point of comparison – in terms of economic momentum. While many unfortunate events have happened and many ill circumstances have transpired, viewing how everything used to be helps people in present time understand how far everyone has come. Chart 6 shows Gross Domestic Product from the end of 2019 through the third quarter of 2020. California has the largest GDP among US states of $2.8 billion accounting for 15 percent of the total country's GDP. Now that we understand that GDP values reflect the economic performance of a state, let’s start looking at numbers! In order to fully know if the states in America have experienced a better year in terms of individual GDP values, or if the economy of a state has actually performed less well than usual in 2018, it is helpful to reflect on the previous year and compare values between the two. U.S. Either way, for the sake of this article, we will be calling them GDP values. 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