Florida's GDP growth beats the nation's in second quarter of 2016

TALLAHASSEE, Fla. – Today, Governor Rick Scott announced that Florida’s Gross Domestic Product (GDP) grew 2.3 percent annualized in the second quarter of 2016, beating the national GDP growth rate of 1.2 percent. The state’s GDP annualized growth rate tied with Michigan as the highest among the 10 largest states, including California and Texas.

Governor Scott said, “I am proud to announce that Florida’s GDP growth exceeded the nation’s in the second quarter of this year, even exceeding other large competitor states like California and Texas. Not only is Florida’s GDP growth increasing faster than other large states, but we are also adding jobs at a faster rate, which is great news for our families. We will continue to work each day to make it easier for job creators and families to succeed in Florida.”

Florida Department of Economic Opportunity Executive Director Cissy Proctor said, “Florida’s growing economy is a testament to our efforts to improve prosperity for every Floridian. By investing in new jobs, training and community infrastructure, we can continue to ensure strong economic success.”

Florida gross domestic product is the measure of the market value of all final goods and services produced within the state in a given time period. A final product is one that is produced and sold for consumption or investment. GDP excludes intermediate goods, which are goods that are used to produce other goods. GDP is presented in both nominal and real dollars. Real GDP removes the influence of changing price or inflation. GDP is important because it is the most closely watched measure of output. It is a measure of overall economic activity.