America's Ridiculously Large Economy III
Following previous posts (here and here) on America's ridiculously large economy, here is how the growth in U.S. nominal GDP would translate, in terms of how the typical increases in national output compare to the economic output of various U.S. states:
4% growth in current-dollar GDP ($560 billion of additional output) would be equivalent to adding two new states to the U.S. the size of Washington ($293.5b) and Maryland ($258b).
5% growth in GDP (average growth since 1997) would be equivalent to adding a new state the size of Florida to the U.S. economy.
6% growth in GDP (average growth from 2004-2006) would be equivalent to adding two new states the size of Georgia ($380b) and Ohio ($461b).
7% growth (achieved in some individual quarters like the fourth quarter of 2006), would add almost $1 trillion (corrected) of output to the U.S. economy, equivalent to adding a new state the size of New York to the U.S. economy.
Bottom Line: In an average year, the U.S. economy grows by an amount equivalent to adding the entire economic output of a state like Florida ($713 billion) to the U.S. economy, or a country like Australia ($755 billion). In a great year, the U.S. economy grows by an amount equivalent to adding the economy of another New York state to the U.S. economy, or adding the economy of an entire country like Russia to the U.S economy.