Ohio vs. United States
Comparative Trends Analysis:
Gross Domestic Product Growth and Change, 1997-2021
Introduction
Ohio vs. United States
Ohio:
2021 GDP = $736,450M
2021 Percent of U.S. = 3.2%
U.S.:
2021 GDP = $22,996,086M
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 Ohio is the most comprehensive measure of output of all goods and services produced by labor and property located within Ohio. 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.

Ohio Gross Domestic Product, 1998-2021
Current vs. Chained 2012 Dollars (Billions)
Ohio Gross Domestic Product, 1998-2021
Current vs. Chained 2012 Dollars (Billions)
Figure 1.
Figure 1 depicts Ohio's annual gross domestic product over 1998-2021 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 Ohio over time.
When measured in current dollars, Ohio's GDP increased 103.6%, from $362B in 1998 to $736B in 2021. When measured in constant 2012 dollars to adjust for inflation, it advanced 26.2%, from $488B in 1998 to $615B in 2021.
Real Gross Domestic Product Indices (1997=100): 1997-2021
Real Gross Domestic Product Indices (1997=100): 1997-2021
Figure 2.
Figure 2 shows Ohio'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 1997 as a base figure of 100, and the real gross domestic products in later years as a percentage of the 1997 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.
Ohio's overall real GDP growth was 30.5% over 1997-2021 trailed the United States' increase of 68.5%.
Gross Domestic Product as a Percent of the United States Total: 1997-2021
Gross Domestic Product as a Percent of the United States Total: 1997-2021
Figure 3.
Another interesting and insightful way of comparing the gross domestic product growth of Ohio is to compare its individual percentage contributions to the United States' total gross domestic product over time, as shown in Figure 3. A rising share means a region's gross domestic product grew faster, or declined less, than the United States' gross domestic product, while a declining share shows it grew more slowly.
In 1997, Ohio's GDP totaled 4.0% of the United States' GDP, while in 2021 it comprised 3.2% thereby yielding a -0.8% share-shift.
   
 
Gross Domestic Product Share-Shift
2021 vs. 1997
 
Share-
Shift*
 
2021
vs.
1997
-0.80%
=
3.20%
-
4.00%
 
   
Ohio Real Gross Domestic Product:
Annual Percent Change, 1998-2021
Ohio Real Gross Domestic Product:
Annual Percent Change, 1998-2021
Figure 4.
Figure 4 displays the short-run pattern of Ohio's real gross domestic product growth by tracking the year-to-year percent change over 1998-2021. The average annual percent change for the entire 24-year period is also illustrated on this chart to provide a benchmark for gauging periods of relative high--and relative low--growth against the backdrop of the long-term average.
On average, Ohio's real GDP grew at an annual rate of 1.14% over 1998-2021. The state posted its highest growth in 2021 (4.33%) and recorded its lowest growth in 2009 (-4.85%). In 2021, Ohio's real GDP grew by 4.33%
Ohio Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 1998-2021
Ohio Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 1998-2021
Figure 5.
Figure 5 again traces the annual percent change in Ohio's real gross domestic product since 1998, but this time they are displayed with average growth rates for the decade of the 2000s, 2010s, and 2020-2021.
During the 2000s, Ohio's annual real GDP growth rate averaged 0.26%. It averaged 1.81% in the 2010s, 0.42% thus far this decade (2020-2021).
Real Gross Domestic Product Growth:
Average Annual Percent Change by Decade
Real Gross Domestic Product Growth:
Average Annual Percent Change by Decade
Figure 6.
Figure 6 compares the decade average growth rates for Ohio noted in the previous graph with the corresponding decade averages for the nation.
Relative to nationwide real gross domestic product growth trends, Ohio recorded underneath the nation throughout the 2000s (0.26% vs. 1.92%), lagged the nation over the 2010s (1.81% vs. 2.25%), and recorded underneath the nation over 2020-2021 (0.42% vs. 1.13%).
   
 
Real* Gross Domestic Product Growth:
Average Annual Percent Change
 
 
 
1.14
0.26
1.81
0.42
4.33
 
2.22
1.92
2.25
1.13
5.67
 
   

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

   
 
Ohio:
Gross Domestic Product, 1997-2021
 
1997
 
343,430
0.864
471,451
100.0
N
4.00
1998
 
361,638
0.893
487,533
103.4
3.41
3.99
1999
 
376,465
0.915
499,293
105.9
2.41
3.91
2000
 
392,277
0.934
509,949
108.2
2.13
3.83
2001
 
396,945
0.922
502,968
106.7
-1.37
3.75
2002
 
411,035
0.940
513,216
108.9
2.04
3.76
2003
 
423,780
0.953
519,939
110.3
1.31
3.70
2004
 
446,225
0.979
534,065
113.3
2.72
3.65
2005
 
468,892
1.000
545,969
115.8
2.23
3.60
2006
 
482,738
1.000
545,504
115.7
-0.09
3.49
2007
 
497,762
1.002
546,729
116.0
0.22
3.44
2008
 
496,919
0.984
537,124
113.9
-1.76
3.36
2009
 
482,281
0.936
511,077
108.4
-4.85
3.33
2010
 
500,515
0.960
523,979
111.1
2.52
3.33
2011
 
528,190
0.992
541,180
114.8
3.28
3.39
2012
 
545,740
1.000
545,740
115.8
0.84
3.36
2013
 
566,532
1.019
556,211
118.0
1.92
3.36
2014
 
595,641
1.052
574,178
121.8
3.23
3.39
2015
 
611,020
1.061
578,852
122.8
0.81
3.36
2016
 
623,265
1.070
583,946
123.9
0.88
3.33
2017
 
641,746
1.082
590,739
125.3
1.16
3.29
2018
 
666,974
1.097
598,917
127.0
1.38
3.25
2019
 
693,199
1.120
611,146
129.6
2.04
3.24
2020
 
677,561
1.081
589,898
125.1
-3.48
3.24
2021
 
736,450
1.128
615,416
130.5
4.33
3.20
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
March 2022
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, 1997-2021
 
1997
 
8,577,552
0.709
11,529,157
100.0
N
1998
 
9,062,817
0.741
12,045,824
104.5
4.48
1999
 
9,631,172
0.777
12,623,361
109.5
4.79
2000
 
10,250,952
0.808
13,138,035
114.0
4.08
2001
 
10,581,929
0.816
13,263,417
115.0
0.95
2002
 
10,929,108
0.830
13,488,357
117.0
1.70
2003
 
11,456,450
0.853
13,865,519
120.3
2.80
2004
 
12,217,196
0.886
14,399,696
124.9
3.85
2005
 
13,039,197
0.917
14,901,269
129.2
3.48
2006
 
13,815,583
0.942
15,315,943
132.8
2.78
2007
 
14,474,228
0.961
15,623,871
135.5
2.01
2008
 
14,769,862
0.962
15,642,962
135.7
0.12
2009
 
14,478,067
0.937
15,236,262
132.2
-2.60
2010
 
15,048,970
0.963
15,648,991
135.7
2.71
2011
 
15,599,731
0.978
15,891,534
137.8
1.55
2012
 
16,253,970
1.000
16,253,970
141.0
2.28
2013
 
16,843,196
1.018
16,553,348
143.6
1.84
2014
 
17,550,687
1.042
16,932,051
146.9
2.29
2015
 
18,206,023
1.070
17,390,295
150.8
2.71
2016
 
18,695,106
1.088
17,680,274
153.4
1.67
2017
 
19,479,623
1.112
18,079,084
156.8
2.26
2018
 
20,527,159
1.145
18,606,787
161.4
2.92
2019
 
21,372,582
1.171
19,032,672
165.1
2.29
2020
 
20,893,746
1.131
18,384,687
159.5
-3.40
2021
 
22,996,086
1.195
19,427,287
168.5
5.67
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
March 2022
REAP_PI_SA1400_2000_PN
 
   
Copyright © 2022. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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