According to newly published figures, the Texas economy has climbed in global rankings.
Texas is now ranked as the 9th largest economy in the world ($1.8T) ahead of Brazil (1.7T), Canada (1.6T), and Spain, Australia, Mexico, and Russia (1.1T-1.2T). And, at the current rate of economic growth, Texas is also on track to overtake Italy and end 2016 as the 8th largest economy in the world.
These figures are based on Gross Domestic Product, one of the primary indicators of a country’s economic performance. It is calculated by either adding up everyone’s income during the period or by adding the value of all final goods and services produced in the country during the year.
But these new figures overshadow what is perhaps the real story – per capita GDP.
Per capita GDP is a measure of the total output of a country that takes the GDP and divides it by the number of people in the country. The per capita GDP is the most useful comparison between countries because it measures their relative performance. A rise in per capita GDP signals growth in the economy and tends to translate as an increase in productivity.
The current estimated per capita GDP for Texas ranks us as 5th in the entire world only exceeded by Luxembourg, Switzerland, Qatar, and Norway. This also puts us far ahead of the United States.
Despite that great news, the continued membership of Texas in the United States is not only holding us back, but is threatening our status as an economic powerhouse.
Federal economic and energy policy along with excessive regulations and mounting national debt have caused a decline in the growth rate of the Texas economy. For the first time in 13 years the growth rate of the Texas economy has fallen to match that of the rest of the United States.
Commenting on these new numbers, TNM Executive Director Nate Smith had this to say
“It’s no surprise to me that Texas is now one of the 10 greatest economies in the world. Making Texas economically great has been achieved in spite of harmful regulations coming from the Federal government.”
He went on to link the economic issue in Texas with the current debate over Britain’s membership in the European Union.
“Just as Britain faces the oppression of their economy from excessive and unbalanced EU regulations, so does Texas from US regulations. And, just like the State of Great Britain has done, the State of Texas must also call for a vote to leave the American Union.”