Washington vs. United States
Comparative Trends Analysis:
Gross Domestic Product Growth and Change, 1977-2019
Introduction
Washington:
2019 GDP = $599,608M
2019 Percent of U.S. = 2.8%
U.S.:
2019 GDP = $21,427,690M
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 Washington is the most comprehensive measure of output of all goods and services produced by labor and property located within Washington. 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.
http://www.bea.gov/newsreleases/regional/gdp_state/gsp_newsrelease.htm.

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.
http://www.bea.gov/newsreleases/regional/gdp_state/gsp_newsrelease.htm.

Washington Gross Domestic Product, 1978-2019
Current vs. Chained 2012 Dollars (Millions)
Washington Gross Domestic Product, 1978-2019
Current vs. Chained 2012 Dollars (Millions)
Figure 1.
Figure 1 depicts Washington's annual gross domestic product over 1978-2019 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 Washington over time.
When measured in current dollars, Washington's GDP increased 1,305.3%, from $42,668M in 1978 to $599,608M in 2019. When measured in constant 2012 dollars to adjust for inflation, it advanced 273.7%, from $142,151M in 1978 to $531,224M in 2019.
Real Gross Domestic Product Indices (1977=100): 1977-2019
Real Gross Domestic Product Indices (1977=100): 1977-2019
Figure 2.
Figure 2 portrays Washington'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.
Washington's overall real GDP growth was 301.8% over 1977-2019 outpaced the United States' increase of 203.1%.
Gross Domestic Product as a Percent of the United States Total: 1977-2019
Gross Domestic Product as a Percent of the United States Total: 1977-2019
Figure 3.
Another interesting and insightful way of comparing the gross domestic product growth of Washington is to trace 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 1977, Washington's GDP comprised 1.9% of the United States' GDP, while in 2019 it equated to 2.8% thereby yielding a +0.9% share-shift.
   
 
Gross Domestic Product Share-Shift
2019 vs. 1977
 
Share-
Shift*
 
2019
vs.
1977
+0.94%
=
2.80%
-
1.85%
 
   
Washington Real Gross Domestic Product:
Annual Percent Change, 1978-2019
Washington Real Gross Domestic Product:
Annual Percent Change, 1978-2019
Figure 4.
Figure 4 highlights the short-run pattern of Washington's real gross domestic product growth by tracking the year-to-year percent change over 1978-2019. The average annual percent change for the entire 42-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, Washington's real GDP grew at an annual rate of 3.39% over 1978-2019. The state recorded its highest growth in 1978 (7.52%) and recorded its lowest growth in 2009 (-2.52%). In 2019, Washington's real GDP grew by 3.82%
Washington Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 1978-2019
Washington Real Gross Domestic Product:
Annual Percent Change and Decade Averages Over 1978-2019
Figure 5.
Figure 5 again depicts the annual percent change in Washington's real gross domestic product since 1978, but this time they are overlayed with average growth rates for the decade of the 1980s, 1990s, 2000s, and 2010-2019.
During the 1980s, Washington's annual real GDP growth rate averaged 3.02%. It averaged 4.36% in the 1990s, 1.89% throughout the 2000s, and 3.61% thus far this decade (2010 to 2019).
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 Washington noted in the previous graph with the corresponding decade averages for the nation.
Relative to nationwide real gross domestic product growth trends, Washington outperformed the nation during the 1980s (3.02% vs. 2.94%), outpaced the nation throughout the 1990s (4.36% vs. 3.33%), fell under the nation in the 2000s (1.89% vs. 1.91%), and led the nation over 2010-2019 (3.61% vs. 2.29%).

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

   
 
Washington:
Gross Domestic Product, 1977-2019
 
1977
 
36,826
0.330
132,211
100.0
N
1.85
1978
 
42,668
0.355
142,151
107.5
7.52
1.90
1979
 
48,713
0.376
150,888
114.1
6.15
1.96
1980
 
52,682
0.379
151,982
115.0
0.72
1.94
1981
 
58,918
0.391
156,659
118.5
3.08
1.93
1982
 
62,933
0.391
156,714
118.5
0.04
1.96
1983
 
67,949
0.397
159,264
120.5
1.63
1.97
1984
 
74,170
0.412
165,066
124.9
3.64
1.92
1985
 
77,341
0.416
166,637
126.0
0.95
1.87
1986
 
84,015
0.434
174,159
131.7
4.51
1.94
1987
 
90,325
0.454
182,025
137.7
4.52
1.94
1988
 
99,051
0.482
193,030
146.0
6.05
1.96
1989
 
108,064
0.506
202,870
153.4
5.10
2.01
1990
 
118,640
0.535
214,611
162.3
5.79
2.10
1991
 
125,895
0.547
219,304
165.9
2.19
2.15
1992
 
134,469
0.567
227,159
171.8
3.58
2.18
1993
 
142,500
0.581
232,972
176.2
2.56
2.20
1994
 
150,805
0.601
241,106
182.4
3.49
2.18
1995
 
155,069
0.604
242,184
183.2
0.45
2.12
1996
 
166,540
0.638
255,760
193.4
5.61
2.15
1997
 
193,898
0.678
271,601
205.4
6.19
2.26
1998
 
210,205
0.721
289,102
218.7
6.44
2.32
1999
 
230,555
0.774
310,332
234.7
7.34
2.39
2000
 
237,832
0.779
312,230
236.2
0.61
2.32
2001
 
239,426
0.761
305,055
230.7
-2.30
2.26
2002
 
248,189
0.774
310,338
234.7
1.73
2.27
2003
 
258,263
0.789
316,224
239.2
1.90
2.25
2004
 
270,115
0.803
322,003
243.6
1.83
2.21
2005
 
296,101
0.857
343,362
259.7
6.63
2.27
2006
 
317,167
0.890
356,691
269.8
3.88
2.30
2007
 
346,443
0.943
378,205
286.1
6.03
2.40
2008
 
355,678
0.954
382,381
289.2
1.10
2.42
2009
 
353,632
0.930
372,728
281.9
-2.52
2.45
2010
 
365,552
0.951
381,253
288.4
2.29
2.44
2011
 
379,539
0.967
387,832
293.3
1.73
2.44
2012
 
400,863
1.000
400,863
303.2
3.36
2.47
2013
 
419,345
1.026
411,141
311.0
2.56
2.50
2014
 
442,201
1.062
425,763
322.0
3.56
2.52
2015
 
470,329
1.108
444,319
336.1
4.36
2.58
2016
 
491,358
1.147
459,754
347.7
3.47
2.63
2017
 
524,815
1.207
483,773
365.9
5.22
2.69
2018
 
565,831
1.276
511,672
387.0
5.77
2.75
2019
 
599,608
1.325
531,224
401.8
3.82
2.80
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 2020
REAP_PI_SA1400_2000_PN
 
   

Tip: 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, 1977-2019
 
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
 
18,224,780
1.075
17,403,843
276.6
2.91
2016
 
18,715,040
1.092
17,688,890
281.1
1.64
2017
 
19,519,424
1.118
18,108,082
287.8
2.37
2018
 
20,580,223
1.151
18,638,164
296.2
2.93
2019
 
21,427,690
1.178
19,073,056
303.1
2.33
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 2020
REAP_PI_SA1400_2000_PN
 
   
Copyright © 2020. Pacific Northwest Regional Economic Analysis Project (PNREAP). All Rights Reserved.

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