New York vs. United States
Comparative Trends Analysis:
Gross Domestic Product Growth and Change, 1977-2020
Introduction
New York vs. United States
New York:
2020 GDP = $1,699,045M
2020 Percent of U.S. = 8.1%
U.S.:
2020 GDP = $20,936,558M
Nationally, GDP (Gross Domestic Product) is widely regarded as the foremost blue-chip barometer for tracking and calibrating the economic performance of the economy nationwide. Like its closely followed national counterpart, the GDP of the state of New York is the most comprehensive measure of output of all goods and services produced by labor and property located within New York. It is a market valuation of the goods and services-both private and public-produced within a state economy.
Unlike the widely and frequently reported employment and job numbers that measure labor as one of the units of input into production, GDP is a valuation of the output. Also, while State Personal Income is representative of the "purchasing power" of those that reside within a state, think of Gross Domestic Product as representative of the "producing power" of that state.
For a more detailed and technical explanation of Gross Domestic Product (GDP) by State compiled by the Regional Product Branch of Bureau of Economic Analysis please refer to the July 2013 Survey of Current Business article, (pp. 115-120).

BEA: Definition

GDP by state is the state counterpart of the Nation's gross domestic product (GDP), the Bureau's featured and most comprehensive measure of U.S. economic activity. GDP by state is derived as the sum of the GDP originating in all the industries in a state.

The statistics of real GDP by state are prepared in chained (2012) dollars. Real GDP by state is an inflation-adjusted measure of each state's gross product that is based on national prices for the goods and services produced within that state. The statistics of real GDP by state and of quantity indexes with a base year of 2012 were derived by applying national chain-type price indexes to the current-dollar GDP-by-state values for the 64 detailed NAICS-based industries for 1997 forward.

The chain-type index formula that is used in the national accounts is then used to calculate the values of total real GDP by state and of real GDP by state at more aggregated industry levels. Real GDP by state may reflect a substantial volume of output that is sold to other states and regions. To the extent that a state's output is produced and sold in national markets at relatively uniform prices (or sold locally at national prices), real GDP by state captures the differences across states that reflect the relative differences in the mix of goods and services that the states produce. However, real GDP by state does not capture geographic differences in the prices of goods and services that are produced and sold locally.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
https://www.bea.gov/data/gdp/gdp-state.

BEA: Relation of GDP by state to U.S. Gross Domestic Product (GDP)

An industry's GDP by state, or its value added, in practice, is calculated as the sum of incomes earned by labor and capital and the costs incurred in the production of goods and services. That is, it includes the wages and salaries that workers earn, the income earned by individual or joint entrepreneurs as well as by corporations, and business taxes such as sales, property, and Federal excise taxes that count as a business expense.

GDP is calculated as the sum of what consumers, businesses, and government spend on final goods and services, plus investment and net foreign trade. In theory, incomes earned should equal what is spent, but due to different data sources, income earned, usually referred to as gross domestic income (GDI), does not always equal what is spent (GDP). The difference is referred to as the "statistical discrepancy."

Starting with the 2004 comprehensive revision, BEA's annual industry accounts and its GDP-by-state accounts allocate the statistical discrepancy across all private-sector industries. Therefore, the GDP-by-state statistics are now conceptually more similar to the GDP statistics in the national accounts than they had been in the past.

U.S. real GDP by state for the advance year, 2012, may differ from the Annual Industry Accounts' GDP by industry and, hence NIPA (National Income and Product Account) GDP, because of different sources and vintages of data used to estimate GDP by state and NIPA GDP. For the revised years of 2009-2011, U.S. GDP by state is nearly identical to GDP by industry except for small differences resulting from the GDP-by-state accounts' exclusion of overseas Federal military and civilian activity (because it cannot be attributed to a particular state). The GDP-by-industry statistics are identical to those from the 2012 annual revision of the NIPAs, released in July 2012. However, because of revisions since July 2012, GDP in the NIPAs may differ from U.S. GDP by state.

United States. Bureau of Economic Analysis, Regional Product Division.
BEA News Release (GDP by State). 2013. Web.
https://www.bea.gov/data/gdp/gdp-state.

New York Gross Domestic Product, 1978-2020
Current vs. Chained 2012 Dollars (Billions)
New York Gross Domestic Product, 1978-2020
Current vs. Chained 2012 Dollars (Billions)
Figure 1.
Figure 1 depicts New York's annual gross domestic product over 1978-2020 in current and constant (chained 2012) dollars. Constant dollar measurements remove the effects of inflation. They allow for comparison of changes in the real total good and services output of New York over time.
When measured in current dollars, New York's GDP increased 749.3%, from $200B in 1978 to $1,699B in 2020. When measured in constant 2012 dollars to adjust for inflation, it advanced 111.1%, from $664B in 1978 to $1,402B in 2020.
Real Gross Domestic Product Indices (1977=100): 1977-2020
Real Gross Domestic Product Indices (1977=100): 1977-2020
Figure 2.
Figure 2 shows New York's real gross domestic product growth in a broader context by offering direct comparisons across time with the United States. The growth indices shown here express each region's real gross domestic product in 1977 as a base figure of 100, and the real gross domestic products in later years as a percentage of the 1977 base figure. This method allows for more direct comparison of differences in real gross domestic product growth between regions that may differ vastly in size.
New York's overall real GDP growth was 120.5% over 1977-2020 trailed the United States' increase of 192.8%.

Interactive TableTip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

   
 
New York:
Gross Domestic Product, 1977-2020
 
1977
 
179,890
0.481
635,925
100.0
N
9.06
1978
 
200,063
0.502
664,420
104.5
4.48
8.92
1979
 
217,725
0.513
678,635
106.7
2.14
8.75
1980
 
235,746
0.513
678,648
106.7
0.00
8.69
1981
 
261,840
0.522
691,118
108.7
1.84
8.56
1982
 
282,227
0.526
696,174
109.5
0.73
8.79
1983
 
305,288
0.537
710,889
111.8
2.11
8.86
1984
 
339,427
0.570
753,779
118.5
6.03
8.81
1985
 
364,281
0.585
774,053
121.7
2.69
8.83
1986
 
390,104
0.600
794,017
124.9
2.58
8.99
1987
 
418,306
0.626
827,826
130.2
4.26
9.00
1988
 
456,557
0.662
875,596
137.7
5.77
9.04
1989
 
473,252
0.660
874,039
137.4
-0.18
8.82
1990
 
493,192
0.662
876,453
137.8
0.28
8.73
1991
 
497,336
0.642
849,299
133.6
-3.10
8.51
1992
 
519,704
0.651
860,991
135.4
1.38
8.43
1993
 
537,504
0.654
865,135
136.0
0.48
8.31
1994
 
555,322
0.663
877,229
137.9
1.40
8.03
1995
 
582,656
0.677
895,617
140.8
2.10
7.98
1996
 
620,153
0.705
932,635
146.7
4.13
8.00
1997
 
718,804
0.739
977,601
153.7
4.82
8.38
1998
 
744,716
0.753
996,015
156.6
1.88
8.22
1999
 
792,569
0.791
1,046,472
164.6
5.07
8.23
2000
 
836,202
0.820
1,084,844
170.6
3.67
8.16
2001
 
873,781
0.837
1,107,932
174.2
2.13
8.26
2002
 
884,104
0.830
1,098,777
172.8
-0.83
8.08
2003
 
902,544
0.832
1,101,604
173.2
0.26
7.88
2004
 
952,282
0.853
1,129,018
177.5
2.49
7.80
2005
 
1,012,181
0.882
1,167,640
183.6
3.42
7.76
2006
 
1,068,635
0.904
1,196,695
188.2
2.49
7.74
2007
 
1,109,749
0.909
1,203,503
189.3
0.57
7.68
2008
 
1,101,637
0.890
1,177,915
185.2
-2.13
7.49
2009
 
1,150,994
0.923
1,221,256
192.0
3.68
7.97
2010
 
1,212,485
0.958
1,267,972
199.4
3.83
8.09
2011
 
1,237,278
0.960
1,270,517
199.8
0.20
7.96
2012
 
1,323,401
1.000
1,323,401
208.1
4.16
8.17
2013
 
1,361,963
1.002
1,325,490
208.4
0.16
8.11
2014
 
1,425,724
1.018
1,347,560
211.9
1.67
8.13
2015
 
1,485,621
1.037
1,372,232
215.8
1.83
8.15
2016
 
1,545,988
1.056
1,397,724
219.8
1.86
8.25
2017
 
1,608,890
1.077
1,424,906
224.1
1.94
8.23
2018
 
1,705,010
1.109
1,467,077
230.7
2.96
8.27
2019
 
1,772,261
1.126
1,490,679
234.4
1.61
8.27
2020
 
1,699,045
1.060
1,402,412
220.5
-5.92
8.12
Source: Calculations by the United States Regional Economic Analysis Project (US-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
April 2021
REAP_PI_SA1400_2000_PN
 
   

Interactive TableTip: To augment your analysis click on the column headers in the following table to rank and/or sort the data.

   
 
United States:
Gross Domestic Product, 1977-2020
 
1977
 
1,986,408
0.388
6,291,988
100.0
N
1978
 
2,243,230
0.409
6,628,106
105.3
5.34
1979
 
2,489,417
0.422
6,827,700
108.5
3.01
1980
 
2,713,933
0.422
6,827,222
108.5
-0.01
1981
 
3,057,318
0.433
7,012,547
111.5
2.71
1982
 
3,211,370
0.427
6,922,469
110.0
-1.28
1983
 
3,445,372
0.440
7,120,968
113.2
2.87
1984
 
3,853,668
0.471
7,628,882
121.2
7.13
1985
 
4,126,664
0.490
7,933,291
126.1
3.99
1986
 
4,340,813
0.500
8,103,923
128.8
2.15
1987
 
4,649,020
0.522
8,451,430
134.3
4.29
1988
 
5,053,003
0.549
8,899,168
141.4
5.30
1989
 
5,366,080
0.562
9,095,858
144.6
2.21
1990
 
5,651,747
0.570
9,232,383
146.7
1.50
1991
 
5,842,665
0.569
9,217,917
146.5
-0.16
1992
 
6,167,644
0.586
9,497,072
150.9
3.03
1993
 
6,467,698
0.598
9,690,657
154.0
2.04
1994
 
6,912,844
0.626
10,136,561
161.1
4.60
1995
 
7,299,372
0.647
10,485,330
166.6
3.44
1996
 
7,749,965
0.676
10,947,942
174.0
4.41
1997
 
8,577,552
0.711
11,521,938
183.1
5.24
1998
 
9,062,817
0.743
12,038,283
191.3
4.48
1999
 
9,630,663
0.779
12,610,491
200.4
4.75
2000
 
10,252,347
0.811
13,130,987
208.7
4.13
2001
 
10,581,822
0.819
13,262,079
210.8
1.00
2002
 
10,936,418
0.833
13,493,064
214.4
1.74
2003
 
11,458,246
0.857
13,879,129
220.6
2.86
2004
 
12,213,730
0.889
14,406,382
229.0
3.80
2005
 
13,036,637
0.921
14,912,509
237.0
3.51
2006
 
13,814,609
0.947
15,338,257
243.8
2.85
2007
 
14,451,860
0.965
15,626,029
248.3
1.88
2008
 
14,712,845
0.963
15,604,687
248.0
-0.14
2009
 
14,448,932
0.939
15,208,834
241.7
-2.54
2010
 
14,992,052
0.963
15,598,753
247.9
2.56
2011
 
15,542,582
0.978
15,840,664
251.8
1.55
2012
 
16,197,007
1.000
16,197,007
257.4
2.25
2013
 
16,784,851
1.018
16,495,369
262.2
1.84
2014
 
17,527,258
1.044
16,912,038
268.8
2.53
2015
 
18,238,301
1.076
17,432,170
277.1
3.08
2016
 
18,745,075
1.095
17,730,509
281.8
1.71
2017
 
19,542,980
1.120
18,144,105
288.4
2.33
2018
 
20,611,861
1.154
18,687,786
297.0
3.00
2019
 
21,433,226
1.179
19,091,662
303.4
2.16
2020
 
20,936,558
1.138
18,426,076
292.8
-3.49
Source: Calculations by the United States Regional Economic Analysis Project (US-REAP)
with data provided by the U.S. Department of Commerce, Bureau of Economic Analysis
April 2021
REAP_PI_SA1400_2000_PN
 
   
Copyright © 2021. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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