Does everyone appreciate the actual size of the Economy of the United States?
Tuesday, December 14th, 2010Let’s put this in perspective:
The $14 trillion of GDP in the U.S. is a LOT of economic output. $14 TRILLION!!!
That’s almost as much as the economies of the next four largest (Japan, Germany, China, UK) combined.
If California were a country, it would be the world’s seventh or eight-largest economy.
New York has a GDP equal to that of Russia. Texas’ GDP – which is half of California’s – is equal to that of Canada. Tenessee equal to that of Suadi Arabia.
http://strangemaps.wordpress.com/2007/06/10/131-us-states-renamed-for-countries-with-similar-gdps/
Based on 2006 data, New York City – CITY!!! – had a GDP larger than Brazil! San Francisco had a larger GDP than IRAN!
The U.S. economy grew by almost 6% (in current dollars) in the third quarter of 2007, and by 6.6% in the second quarter (on an annualized basis). In dollar terms, that translates into $200 billion of additional economic output in the third quarter of 2007 (or $800 billion on an annual basis) and $217 billion in the second quarter ($868 billion annually).
Given the ridiculously large size of the U.S. economy ($14 trillion), what does each percent in nominal GDP growth translate to, in terms of that amount of additional U.S. economic output compared to the size of various national economies? Here is how it breaks down:
1% of current-dollar annual growth in U.S. GDP ($140 billion) would be the equivalent of adding the entire economies of either the Czech Republic ($142b) or Israel ($142b) to the U.S. economy.
2% growth would be like adding Denmark’s entire economy ($276b) to the U.S.
3% growth would be like adding more than Turkey’s entire economy ($401b) to the U.S.
4% growth would be almost like adding the entire Dutch economy ($660b) to the U.S.
5% growth would be almost like adding the entire economy of Australia ($755b) to the U.S.
6% growth would be like adding Mexico’s economy ($840b) to the U.S.
7% growth would be like adding Russia’s entire economy ($985b) to the U.S.
Keep things in perspective folks.
Dude…14 Trillion – in one year…
