The economy of New York is the third-largest economy in the United States after California and Texas with a GDP of $1.7 trillion. Although the state covers only 1% of the US total area, it accounts for about 8% of the nation’s GDP. Midtown Manhattan in New York is the world’s largest central business district. New York City’s GDP is expected to rise to $2.5 trillion by 2035, placing it ahead of Tokyo which is currently the world’s richest city. New York has about 103 billionaires, more than any state. If the state were a separate country, it would be the world’s 12th largest economy. Its GDP is comparable to that of neighboring Canada and slightly smaller than Brazil. Here are some of the countries with a bigger GDP than New York.
China is one of the fastest-growing major economies in the world. The country’s economy is currently the second largest in the world with a GDP of $13.5 trillion after the United States ($21.4 trillion). New York’s economy is almost eight times that of China in terms of GDP. The economy of China is the largest in the world by PPP ($27.3 trillion). Although China’s economy is much larger than that of New York, no single region or city in the country can compare to the US state. The economy of China is majorly supported by the private sector which accounts for 60% of the GDP and responsible for most innovations and urban employment.
Japan is a highly developed country with the third-largest economy in the world by GDP after the US and China. According to the 2019 estimates, the East Asian country had a GDP of $5.1 trillion, three times more than that of New York. Japan’s developed economy is the second-largest after the US. Tokyo, which is the nation’s capital, is the largest metropolitan area in the world, boasting of a GDP of about $2 trillion. Japan’s economy is supported by high innovation and manufacturing activities. It is one of the largest importers and exporters and runs on an annual trade surplus.
Germany is one of the four countries in Europe with larger economies than New York. The economy of Germany is the largest in Europe and the fourth-largest in the world with a GDP of $4 trillion. In 2018, Germany accounted for 28% of the economy of the euro area. Its economy is supported by the large export, abundant natural resources, and large industries. The country is one of the biggest exporters globally, exporting goods and services worth $1,448 billion in 2017. Germany is a leading location for trade fairs, with two in three leading trade fairs taking place in the country.
The United Kingdom has a highly developed and market-oriented economy. The nation’s economy is the 5th largest by GDP at $2.8 trillion. The UK’s GDP accounts for 3.3% of the Gross World Product compared to New York’s GDP which accounts for 2% of the GWP. The economy of the UK is one of the most globalized because of the high imports and exports. The economy is dominated by the service sector, which contributes about 80% of the GDP. London, the second-largest financial center in the world after New York, contributes 22% of the UK’s GDP.
The economy of France is the 7th largest by nominal GDP and the 10th largest by PPP. The country has a highly diversified and developed economy which is slightly larger than the economy of New York. With a GDP estimate of $2.7 trillion, the economy of France is the second largest in the EU after Germany. The country’s key sectors are the chemical industry, tourism industry, and financial services. France is a member of the OECD, with the organization headquarters located in Paris.
The economy of India is the second-largest in Asia. The nation’s economy is categorized as a developing market economy. India’s GDP estimate as of 2019 was $2.6 trillion, making it the world’s 7th largest economy and ranking it slightly above New York. The country’s average annual GDP growth rate has been 6-7% and was the fastest-growing major economy between 2014 and 2018. India accounts for 3% of the global manufacturing output (6th largest in the world). The service sector is the fastest-growing sector of the economy and accounts for 56% of the national GDP.
The economy of Italy is the 3rd largest in the European Union after Germany and France and the 8th largest in the world by GDP. The country’s GDP ($2.1 trillion) accounts for about 2.5% of the world’s GDP which currently totals $84.8 trillion. Italy is one of the world’s largest exporters (8th largest), with major trading partners including Germany, France, the US, Spain, Switzerland, and the UK. The country has the third-largest gold reserve in the world and is one of the leading manufacturers and exporters in the EU.
Brazil is the only South American country with a larger economy than New York. The economy of Brazil is the largest in Latin America and the 9th largest in the world with a GDP of $1.9 trillion, about $0.2 trillion more than the GDP of New York. The country’s GDP per capita of about $8,967 is the 73rd largest in the world. Brazil is naturally endowed with about $22 trillion worth of natural resources including gold, timber, and iron. The service sector is the largest contributor to the GDP at 67% followed by the service industry at 27.5%. Agriculture contributes about 6% of the GDP and accounts for 10% of the country’s total workforce.
With a nominal GDP of $1.73 trillion, the economy of Canada is more or less equal to that of New York. The country’s economy is the third-largest in the whole of the Americas after the US and Brazil and the world’s 10th largest by GDP. Canada has a highly globalized economy and one of the top ten trading nations. It has the third-largest proven petroleum reserve and the 4th largest exporter of the product. Natural resources in Canada are valued at $33 trillion (2016). The economy of Canada is dominated by the service sector which accounts for about 75% of the total workforce.