Florida's Growth Rate for 2014 High Than National Rate
TALLAHASSEE, Fla. – Governor Rick Scott announced that Florida’s real gross domestic product (GDP) in 2014 was $769.7 billion, up 2.7 percent from 2013. This growth rate exceeded the national growth rate of 2.2 percent. Among all states, Florida had the fourth largest real GDP in the nation in 2014.
Governor Scott said, “With our focus on creating a low-tax, business-friendly environment, it comes as no surprise that Florida’s real GDP is exceeding the national growth rate. Florida’s annual private-sector job growth rate has also exceeded that of the nation’s since April 2012. We will continue to cut taxes and make important investments that will make Florida the best state in the country to create jobs and raise a family.”
Of all states, Florida had the eleventh fastest annual growth rate in real GDP, and Florida ranked third in highest gain in real GDP of the ten most populous states.
Florida Department of Economic Opportunity Executive Director Jesse Panuccio said, “Florida’s real GDP has grown for several consecutive years and last year we outpaced national growth. This is one of many positive economic indicators in Florida. Our policies are working and Florida is growing again.”
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.