Is the U.S. Economy Still the Greatest?
- The U.S. GDP increased by 2.9% crossing $20.5 trillion in 2018. On the surface, the data of 2.9% growth may hardly seem encouraging, perhaps even meager compared to the 6% growth China has experienced, but a look under the surface suggests more optimism and some perspective may be warranted.
- California is not only the largest state in the U.S. by GDP, but if it were a standalone country it would rank as the fifth largest GDP in the world. The combined economic output of the top three economic states in the U.S. (i.e., California, Texas, and New York) are greater than the combined economies of the United Kingdom, Canada and South Korea.
- Overall, the U.S. produced 24.3% of the world’s GDP in 2017, with only about 4.3% of the world’s population, an impressive output by any measure.