Our colleagues in the US recently got hold of this brilliant map from American Enterprise Institute’s Mark Perry which put some incredible perspective on America’s place in the global economy:
So in case you were wondering, here’s how it looks from a Down Under point of view:
That would put NSW in 26th place on a global GDP scale if it were a country.
Austria’s population is about 8.4 million, compared to NSW’s 7.2 million, so that makes NSW residents around 16% more productive than Austrians.
At the other end of the scale, the Northern Territory is picking up the rear, adding the same GDP to Australia’s total ($19,860m) as would Nepal if it were in place of the Top End.
However, with a population of 233,000, it’s punching above its weight in comparison with Tasmania, which has more than twice the NT’s population, but adds just 20% more to the nation’s GDP.
Looking at the population basis as a country, Australia’s 23,378,461 residents are currently outputting the combined GDP of 310,523,818 residents of Austria, Hong Kong, Nepal, Pakistan, Ecuador, Jordan, Malaysia and Uganda.
But before we get too excited with our own efforts, here again is where all the Australian states and territory GDPs fit into that map of the US we previously noted.